SurgiQuest files for $75m IPO

SurgiQuest this week registered for an initial public offering estimated at $75 million.

Milford, Conn.-based SurgiQuest makes the AirSeal device for use in minimally invasive abdominal surgeries. AirSeal is designed to insufflate the rectum and provide continuous smoke evacuation.

“We believe our AirSeal technology represents the first major innovation in minimally invasive surgical access since the introduction of the modern trocar,” SurgiQuest said in a Nov. 10 regulatory filing.

“The AirSeal system replaces trocars that rely on mechanical valves to create and maintain pneumoperitoneum with a valve-free access port that has no moving parts. AirSeal instead employs a proprietary gaseous barrier to provide real-time sensing of intra-abdominal pressure, which enables dynamic adjustment of intra-abdominal pressure to maintain stable pneumoperitoneum.

“AirSeal also includes automatic and continuous smoke evacuation to provide a clear and constant field of vision. Accordingly, the improved surgical conditions enabled by AirSeal allow surgeons to perform MIS procedures with a more stable and less rigid state of pneumoperitoneum, and at approximately 50% lower intra-abdominal pressures than are typically used with conventional access devices,” according to the company.

The device won 510(k) clearance from the FDA in May.

SurgiQuest reported 2014 sales growth of 58.4%, to $30.2 million, and net losses of -$22.3 million or -$18.03 per share. For the 1st 9 months of 2015, sales grew 68.6% to $34.7 million, with net losses of -$24.2 million or -$17.83 per share.

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