Home » TriVascular Tech aims for $100M IPO
TriVascular Tech aims for $100M IPO
March 11, 2014 By Arezu Sarvestani
California medical device maker TriVascular Technologies is looking to raise as much as $100 million through its initial public offering, the details of which have yet to be finalized.
The stent graft maker said in registration documents that it plans to use the funds to repay a $3.5 million promissory note, plus interest, to medtech titan Boston Scientific (NYSE:BSX). Additional funds will go toward sales & marketing efforts, expanded R&D and general corporate operations.
TriVascular has yet to reveal the number of shares it will offer or the expected price range and documents filed with the SEC are not yet effective, the company noted. Once public, the company will trade on the NASDAQ exchange under "TRIV."
The device company owns the Ovation stent graft system, which won FDA approval in October 2012 and has been on the European market since landing CE Mark approval in August 2010.
The Ovation system is used to treat diseased, bulging or weak sections of the artery wall during endovascular repair procedures. The devices is comprised of a plastic tube supported by polymer-filled rings and a metallic stent, which is delivered to the affected area via catheter.
The company estimates that the Ovation system has been used in more than 3,000 patients in more than 25 countries. TriVascular conducts direct sales in the U.S., U.K. and Germany and the Ovation system is available in other markets through distributors.
"We believe we have an opportunity to rapidly increase the adoption and use of the Ovation System by further investing in our sales infrastructure, generating additional clinical data and expanding our professional education efforts," according to TriVascular filings. "We began selling the Ovation System commercially in the United States in November 2012. For the year ended December 31, 2013, our total revenue was $19.5 million, and our net loss was $50.3 million."
Filed Under: Initial Public Offering (IPO), News Well, Stent Grafts, Wall Street Beat Tagged With: TriVascular