Apollo Endosurgery today priced a stock offering worth nearly $21 million for its line of bariatric and gastrointestinal devices.
Austin, Texas-based Apollo said it plans to float roughly 3.75 million shares at $5.50 apiece, for gross proceeds of $20.6 million.
The offering also includes a 45-day option for underwriter Craig-Hallum Capital of another 562,055 shares, which would add $3.1 million if exercised in full, the company said.
In March, the FDA approved Apollo’s move to terminate a post-approval study of its Lap-Band weight loss device, based on availability of long-term safety and effectiveness data on the device.
The trial was part of a bid for expanded indications, for which the FDA required the Austin, Texas-based company to conduct a prospective, multicenter, open-label, post-approval study to evaluate safety and effectiveness of the device in patients with body mass indices between 30 and 39.9.