2006 not a big year for IPOs in state or in U.S.

Regionally and nationally, 2006 was another modest year for initial public stock offerings, despite a late flurry of activity last month.

Five Northwest companies launched themselves onto the public markets this year — better than the three IPOs in 2005, but not by much. In 2004, by contrast, nine companies based in Washington, Oregon or Idaho went public.

Though it has been public for only a few weeks, Seattle-based Isilon Systems was the clear winner in the IPO derby.

The digital storage company zoomed on its first trading day and finished the year at $27.37 a share, up 110.5 percent from its offer price of $13; that placed it among the hottest IPOs nationwide.

One lost ground

The only Northwest IPO to lose ground, medical-device maker Northstar Neuroscience of Seattle, finished 2006 at $14.38 a share, a 4.1 percent drop from its $15 offer price.

Clearwire, the latest brainstorm from serial entrepreneur Craig McCaw, tested the IPO waters twice in 2006.

The Kirkland-based provider of wireless high-speed Internet access first filed to raise $400 million in May, but dropped the plan two months later after Intel and Motorola invested about $1 billion.

Earlier this month, Clearwire again filed to raise $400 million.

Still pending at year's end was Applied Precision of Issaquah, which filed to raise up to $57.5 million in July.

Snoqualmie-based Light Sciences Oncology, which in April filed to raise up to $86.25 million, postponed its offering indefinitely in October after getting a tepid reception from Wall Street investors.

Next year also will see the re-emergence of an old Northwest name: Physio-Control.

Physio-Control return

The Redmond-based defibrillator maker was bought by Medtronic eight years ago. Medtronic said earlier this month it would spin off Physio-Control as a stand-alone company, probably in the summer or fall of next year.

In addition, Acacia Research plans to split off CombiMatrix, its Mukilteo-based biotech division. For the past four years, CombiMatrix has traded separately as a tracking stock of California-based Acacia; the split-off would completely separate the two entities. Neither the CombiMatrix nor Physio-Control deals would raise any new cash for the companies.

Drew DeSilver: 206-464-3145 or ddesilver@seattletimes.com