North American Scientific to acquire Nomos Corp.

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North American Scientific Inc. is looking to increase its market share of the radiation oncology market with its proposed purchase of Nomos Corp.

 The Chatsworth, Calif. company is offering stock and cash to purchase Nomos and its line of intensity modulated radiation therapy (IMRT) products and services. North American Scientific would issue approximately 5.3 million shares and pay cash of approximately $12 million for all of Nomos' outstanding capital stock. Based on North American Scientific's recent stock price of $7 per share, the transaction would be worth approximately $56 million.

 If the acquisition comes to fruition, North American Scientific would own approximately 62.5 percent of the combined company, while Nomos stockholders would hold the remaining 37.5 percent. The companies expect to complete the transaction in February 2004.

 North American Scientific said it had no plans to change Nomos' management and technical and support staff, as well as company headquarters in Cranberry Township, Pa. The company also would keep Nomos' facilities in the United States, Europe and China. Nomos posted revenues of approximately $31 million for the twelve-month period, ending Sept. 30.

 North American Scientific develops, produces and sells radioisotopic products, including brachytherapy seeds and radiopharmaceuticals, principally for the treatment and diagnosis of disease.

 Nomos' products include the Non-Invasive Scalpel IMRT, which allows an escalated radiation dose to be delivered to a tumor while limiting exposure and damage to nearby healthy tissue. Nomos also has its Peacock and Corvus integrated IMRT planning and delivery systems, MIMiC multileaf collimator and Peregrine photon-based dose calculation system.