Silk Road Medical late yesterday priced its initial public offering, looking to raise approximately $120 million.
The Sunnyvale, Calif.-based company said it plans to float 6 million shares of its common stock at a price of $20 per share. The offering also includes a 30-day underwriters option to purchase an additional 900,000 shares of common stock.
Silk Road Medical produces the Enroute transcarotid neuroprotection and stent system, which is intended for use during the transcarotid artery revascularization procedure, or TCAR. The TCAR procedure is intended to treat blockages in the carotid artery that are at risk of causing a stroke, the company said.
The company said that it plans to use the cash to expand its sales force and operations, increase R&D including new clinical trials, expand internationally and possibly acquire new ventures or technologies.
The company said it plans to list under the “SILK” symbol on the NASDAQ exchange, according to a press release.
Silk Road has raised at least $104 million since 2015, when it first won 510(k) clearance from the FDA for Enroute in carotid stenting and angioplasty procedures. Pre-market approval for high-risk patients followed in May of that year.
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