EndoChoice said today that it filed for an initial public offering that could fetch as much as $115 million, scarcely 2 months after pulling down a $57 million funding round for its Fuse full-spectrum endoscope.
Alpharetta, Ga.-based EndoChoice said it plans to trade on the New York Stock Exchange under the "GI" symbol. J.P. Morgan and BofA Merrill Lynch are acting as joint book-runner, with William Blair and Stifel as co-managers for the offering, which hasn’t yet been priced, EndoChoice said.
In early March EndoChoice, which tapped ex-Volcano CEO Scott Huennekens as chairman last month, said it raised $57 million from Ally Bridge Group, Rock Springs Capital, Deerfield and Sequoia Capital.
EndoChoice said at the time that it planned to use the proceeds to expand the commercial footprint of the Fuse device, which features 3 small cameras designed to provide a 330° view; the company claims is nearly double the range of typical colonoscopy devices.
Fuse won FDA 510(k) clearance in the U.S. in June 2013. EndoChoice also makes the Fuse gastroscope, which has 2 cameras designed to expand the field of view from 150° with standard gastroscopes to 245°.