Belluscura last month filed for an initial public offering (IPO) more than three years after pulling its plans for going public in the U.K.
The London-based company with U.S. headquarters in Plano, Texas, on May 24 confirmed an issue price of approximately $24.2 million (£17.5 million) for placing on the AIM market of the London Stock Exchange.
Belluscura finished today trading at $78.22 (£56.50) per share on the London Stock Exchange. CEO Robert Rauker noted in an email to MassDevice that the IPO was oversubscribed and the company is now trading at between 20% and 24% above the IPO price.
In December 2017, the company pulled plans for its $13 million British IPO due to market condition issues, with backer Tekcapital saying that the withdrawal was due to “current market conditions and certain other enterprise investment scheme/venture capital trust requirements having not been met in the expected timeframe.”
Belluscura was established by Tekcapital in 2015 to commercialize intellectual property in the medical device space, with focus now on devices and treatments involving enriched oxygen.
In 2017, the company entered into a co-exclusive license and development agreement with Separation Design Group to develop and commercialize the X-PLO₂R, a portable oxygen concentrator designed to deliver up to 800mL per minute of pulse-dose enriched oxygen to a patient prescribed long-term oxygen therapy. X-PLO₂R won FDA 510(k) clearance in March of this year.