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Home » Glaukos closes $140m IPO, puts up $26m for Dose Medical affiliate

Glaukos closes $140m IPO, puts up $26m for Dose Medical affiliate

July 1, 2015 By Brad Perriello

Glaukos logoGlaukos (NYSE:GKOS) yesterday said it closed its $140 million initial public offering with it underwriters exercising their over-allotment option, meaning net proceeds for the glaucoma device maker of roughly $112.3 million.

Laguna Hills, Calif.-based Glaukos said J.P. Morgan, BofA Merrill Lynch and Goldman, Sachs & Co. acted as joint book-running managers, with William Blair and Cantor Fitzgerald as co-managers for the $18-per-share IPO.

The Glaukos iStent was the 1st micro-invasive glaucoma surgery device to hit the U.S. market. It’s a tiny titanium stent designed to alleviate the intra-ocular pressure caused by glaucoma.

Pre-market approval from the FDA for the iStent came in June 2012, clearing the device for use during cataract surgeries. Glaukos reported slightly narrower 2014 losses of -$14.1 million on sales growth of 118.2% to $45.6 million, compared with 2013.

Glaukos also said it pulled the trigger on the planned acquisition of affiliate Dose Medical’s glaucoma assets for $25.9 million, including the cancelation of a $10.9 million debt Dose owed Glaukos and $15 million in cash.

The deal gives Glaukos a worldwide exclusive license to existing and future Dose patents related to the treatment of glaucoma or conditions affecting the front of the eye; Dose gets the rights to Glaukos IP related to biosensors treatments for back-of-the-eye conditions, Glaukos said.

GKOS shares were trading at $28.40 apiece in early afternoon activity today, down 2.0%. The stock is up 57.8% over its debut price June 25.

Filed Under: Funding Roundup, Initial Public Offering (IPO), Optical/Ophthalmic Tagged With: Dose Medical Corp., Glaukos

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