Invuity prices IPO at $12 per share, under the range

Invuity yesterday priced its initial public offering at $12 a share, under the range the advanced surgical lighting maker set earlier in June, looking to raise $48 million.

Invuity shares are set to begin trading today under the “IVTY” symbol on the NASDAQ exchange, the company said.

Piper Jaffray, Leerink Partners and Stifel are the book-runners, with William Blair as co-manager, San Francisco-based Invuity said in its registration filing.

“We intend to target other surgical specialties including trauma; cardiothoracic; ear, nose and throat; gynecology; urology; general surgery; neurosurgery and craniomaxilliofacial procedures,” the company said in the filing. Invuity makes more than 40 different devices.

When the IPO was filed in April, the company said it hoped to bring in $69 million, estimating the potential market for its products $2 billion. In June, the company lowered the price range to $14 to $16, which at the midpoint would have raised $60 million. Invuity raised a $36 million Series E round in March 2014.

Of the proceeds, $28 million is slated for expanding Invuity’s sales & marketing; the company said it plans to use another $8 million  to expand its R&D program.

“We believe that improving a surgeon’s ability to see critical anatomical structures can lead to better clinical and aesthetic outcomes, improved patient safety and reduced surgical time and healthcare costs,” Invuity said. “We are also using our Intelligent Photonics technology to develop new devices and modalities to broaden the application and adoption of open minimally invasive and minimal access procedures and enable new advanced surgical techniques.”

The company said it sold lighting devices to about 350 hospitals during the 4th quarter last year, up from 150 during the same period in 2013. Invuity estimated that its devices have been used in some 74,000 procedures, based on the number of single-use units it’s shipped.

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