Breast implant maker Sientra set a price range for its planned initial public offering and raised the upper limit to $92 million, after filing in mid-September for an $86 million IPO.
Sientra, which also has designed implants for the buttocks, calf, pectoral region and face, has backers including Abingworth Bioventures, OrbiMed and Clarus Lifesciences.
The Santa Barbara, Calif.-based company plans to sell 5 million shares to the public at a target price between $14 and $16, with shares to trade on the NASDAQ exchange under the SIEN symbol.
The FDA approved the company’s breast implant product line in 2012, with sales totaling $21.9 million in the first half of 2014, up 22% from the same period in 2013. Sientra cut its net losses in the first 6 months of the year to $1.1 million, compared to a $9.6 million loss in the first half of 2013.
Earlier this month, Sientra inked terms under which the 3 preferred stockholders would see their shares convert to common stock in the IPO.
Sientra also detailed its equity incentive plan for executives and an employee stock plan that it had not divulged in its initial IPO filing in September.
CEO Hani Zeini created Sientra in 2007, following the $3.2 billion purchase by Allergan (NYSE:AGN) of his previous company Inamed, where he was executive vice president.
In September 2013 Sientra won a legal victory over Johnson & Johnson (NYSE:JNJ) when a California jury rejected a $27 million lawsuit brought by the healthcare giant after 15 employees of its Mentor division jumped ship for Sientra.
