Breast tissue expansion device maker AirXpanders said yesterday that it raised $28.3 million (A$36.5 million) in an oversubscribed initial public offering.
Palo Alto, Calif.-based AirXpanders said it floated 73 million shares at 39¢ (A50¢) apiece, with an indicated full-diluted market capitalization of $87.7 million (A$113 million).
“We are delighted with the strong response to this IPO. We’ve attracted the support of many domestic and international institutional investors as well as Australian retail investors,” CEO Scott Dodson said in a press release.
AirXpanders’ AeroForm tissue expander is designed for use in post-mastectomy breast reconstructions to expand and stretch the skin and underlying muscle prior to a permanent breast implant, the company said.
“We believe that AeroForm is the best innovation in tissue expander technology in decades and we are looking forward to making it available throughout Australia and the United States. Every woman deserves a comfortable, efficient breast reconstruction journey and the highest quality of life possible following a mastectomy, and we believe that AeroForm clearly provides an attractive and compellingly better alternative for this important patient group in a significant market,” Dodson said in prepared remarks.
AirXpanders won CE Mark approval in the European Union for the Aeroform in 2012. The company said it hopes to receive FDA clearance by the end of 2015, with a U.S. market launch slated for early 2016.