California medical device maker Sientra Inc. is looking to hit the public markets with an initial public offering that could raise as much as $86.3 million, according to an SEC filing.
The company has not yet released the number of shares it plans to sell or per-share pricing for the IPO, but said that it’ll use part of the proceeds to expand its sales & marketing program and boost R&D. The company would trade on the New York Stock Exchange under the symbol "SIEN."
Sientra offers implants in more than 120 shapes, sizes and textures, and sells them primarily on a cash-pay basis for elective procedures, according to the IPO registration statement. The company has no patents or patent applications, but relies entirely on "trade secrets, proprietary know-how and regulatory barriers" to protect its business.
The company has raised $151 million in venture capital funding to date and has been backed by OrbiMed, Clarus Lifesciences, Abingworth Bioventures, Goldman Sachs, Teachers Insurance and Annuity Assn., among others. Even CEO Hani Zeini has skin in the company.
Sientra notched a market 1st when it won FDA approval in 2012 for an anatomically shaped breast implant, winning the race against J&J’s Mentor and Allergan. Mentor’s version won regulatory approval in June 2013.
Shortly after landing the FDA win, Sientra fell into Mentor’s cross-hairs in a lawsuit accusing Sientra of shady business practices. More than 2 dozen Mentor employees left to join Sientra immediately after the smaller company won FDA approval to sell its anatomically shaped breast implant.
Mentor sued Sientra and the former employees in 13 U.S. jurisdictions. The trial in Santa Barbara ran for more than 8 weeks before the jury ruled in favor of Sientra.
In a company statement released at the time Sientra founder and CEO Zeini called the lawsuits "baseless" and solely "intended to kill legitimate fair competition."
"It is now my sincere hope that J&J/Mentor will do what should have been done in the first place; namely, compete fairly with us in the marketplace," he said in prepared remarks.