Medical device company Amedica lowered the price range for its impending initial public offering, but said it would put more shares on offer.
Salt Lake City-based Amedica, which makes silicon nitride-based biomaterials for medical devices, said it plans to trade under the AMDA symbol on the NASDAQ exchange. The IPO, initially slated at nearly 3.2 million shares at $10 to $12 apiece, is now expected to run between $8 and $10 per share, with 3.5 million shares on offer.
The low end of the new price range would see Amedica raise 20% less than anticipated, about $28 million; at the high end, the IPO would still fetch the $35 million Amedica was seeking.
Amedica’s products are aimed at the orthopedic and spinal markets. The company makes interbody devices used in spinal fusion procedures; their semi-radiolucent silicon nitride material is designed to promote bone growth and help prevent infection.
