A day after cutting the price range on its initial public offering, medical device company Amedica wound up pricing the IPO well under even the low end of its $8-$10 range, bringing in about $20.1 million from its $5.75-per-share offering of 3.5 million shares.
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 was initially slated for nearly 3.2 million shares at $10 to $12 apiece.
Today’s IPO wound up bringing in 42.9% less than the $35 million Amedica first hoped to raise and undercut the low end of its latest price range by some 28.6%.
AMDA shares opened today at $6.16 apiece, peaking at $6.45 before subsiding to $6.25 each as of about 11:30 a.m. today.
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.