The Irvine, Calif.-based company has engaged Piper Jaffray to offer more than 22.2 million shares of common stock at $6.45 per share. Proceeds will be used for manufacturing, clinical trials, R&D, sales and marketing expenses, general and administrative expenses, the filing said.
“We may also use a portion of the net proceeds to acquire or invest in complementary businesses, products and technologies,” the company added. “Although we have no specific agreements, commitments or understandings with respect to any acquisition, we evaluate acquisition opportunities and engage in related discussions with other companies from time to time.”
Shares in ELGX had reached $6.45 apiece on Monday, August 12, following a dip to $5.87 based on the company’s second-quarter results, reported last week. Endologix reported a net loss of $27.1 million or -$1.50 per share on sales of $36.24 million for the three months ended June 30, 2019, for a loss of 13.6% on sales that fell by 19% compared with Q2 2019.
Adjusted to exclude one-time items, earnings per share were –$0.37, 43¢ ahead of The Street, where analysts were looking for sales of $36.09 million.
EU notifying body GMED reinstated the CE Mark for Endologix’s Nellix stent graft system in June, following a suspension in January triggered by a halt to unrestricted sales of the stent grafts and a voluntary recall of all existing inventory. Nellix was designed for treating abdominal aortic aneurysms and is only approved as an investigational device in the United States. The company’s Ovation Alto system is only approved as an investigational device and is not currently approved in any market.
Also last week, the FDA yesterday gave Endologix an IDE exemption approval to begin a pivotal study on its Nellix Chimney endovascular aneurysm sealing device (ChEVAS) system. CheVAS was designed to combine the Nellix 3.5 endograft with parallel visceral stents to enable treatment of patients with juxta-renal, para-renal, and suprarenal abdominal aortic aneurysm.
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