Ra Medical sets range for $50m IPO

Ra Medical yesterday set the terms for its forthcoming initial public offering, which would fetch $50 million at the midpoint.

The Carlsbad, Calif.-based company said it plans to float 3.3 million shares at $14 to $16 apiece, for gross proceeds of $46.7 million to $53.3 million. At the midpoint the flotation would gross $50.0 million, according to a new filing with the U.S. Securities & Exchange Commission.

That’s well below the more than $86 million Ra Medical indicated in a regulatory filing last month.

The company makes the Dabra atherectomy catheter laser to treat patients with peripheral artery disease. The system is designed to destroy arteriosclerotic blockages through the use of radiation ablation, which the company touts as having significant advantages over traditional balloon angioplasty systems.

Ra, which won FDA 510(k) clearance for the system last May and CE Mark approval in the European Union in 2016, originally planned to launch the offering in February before renewing the registration in July. The company plans to list on the New York Stock Exchange under the symbol “RMED,” according to the filings.

Piper Jaffray and Cantor Fitzgerald are acting as joint book runners for the offering, according to the newly posted filing.

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