Silk Road Medical today boosted the size of its pending initial public offering to as much as $120 million.
When it registered the IPO in March, Silk Road said it could fetch as much as $86 million. But last week the Sunnyvale, Calif.-based company cut the range, saying it planned to float nearly 4.7 million shares at $15 to $17 apiece, for gross proceeds of $70.5 million to $79.9 million.
Today Silk Road said it plans to offer 6 million shares at $19 to $20 a piece, which would deliver gross proceeds of $114 million to $120 million. The company developed the Enroute transcarotid stent and neuroprotection system to treat carotid artery blockages before they cause a stroke.
Silk Road has said 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.
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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