MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

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

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

By

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.

In case you missed it

RSS From Medical Design & Outsourcing

  • FDA and VA Ventures Innovation Institute partner on new medical device testing tools
    The Department of Veterans Affairs’ VA Ventures Innovation Institute in Seattle will host up to a dozen FDA staffers in a new collaboration to develop and share new tools for medical device testing safety and efficacy. The agencies intend to provide developers of devices and new technology with off-the-shelf tools that can help streamline regulatory… […]
  • How Boston Scientific is managing labor shortages with cobots and Spanish
    Boston Scientific (NYSE: BSX) executives said two labor-shortage strategies are paying off in a big way for the medical device maker, which has around 41,000 employees across the globe. Collaborative robotics and Spanish-speaking shifts are helping Boston Scientific deal with labor shortages in the U.S. and elsewhere. That’s according to Global Operations EVP Brad Sorenson… […]
  • 6 power management considerations for developing and scaling smaller, smarter micromedical devices
    Supercharge every phase of micromedical device product development with these questions. Mitch Johnson, Intricon Some of the biggest considerations for designing, manufacturing and scaling today’s smaller, smarter medical innovations center on providing power to microelectronic systems. From mechanical functionality to data operations and wireless communications, effective power management drives continued device innovation. Addressing five fundamental… […]
  • Evonik, Coopmed agree on wound dressing distro deal
    Evonik announced today that it signed an agreement for medical technology company Coopmed to distribute the epicite wound dressing. Jena, Germany-based Evonik said Coopmed will distribute the epicite dressing made from biosynthetic cellulose exclusively to the German market for chronic wound care. Epicite represents part of the portfolio from JeNaCell, which Evonik acquired in 2021.… […]
  • Spartech hires Bosch VP Dan Gallo as chief operating officer
    Spartech today said it hired Dan Gallo as chief operating officer of the engineered thermoplastics and custom packaging manufacturer. Gallo started this month, according to his LinkedIn page. His career leading operations, supply chain and logistics functions spans more than three decades. He was most recently an operations VP at Robert Bosch. Before his time… […]
  • 3M launches Verify platform to spot counterfeit products
    3M (NYSE:MMM) announced today that it established a new 3M Verify platform to report potential counterfeit 3M products. The effort builds upon its anti-counterfeit efforts during the height of the COVID-19 pandemic. At the time, a number of sellers claimed to offer 3M respirators. Instead, many offered fake, defective and damaged N95 masks at inflated… […]
  • FDA will review fewer COVID-19 test EUA submissions
    The FDA is pushing COVID-19 test developers away from emergency use authorization (EUA) submissions in favor of more traditional pathways, the agency said today. The FDA said it intends to review “only a small subset” of new EUA submissions, encouraging test makers to seek regulatory approval through de novo classification or 510(k) clearance pre-market review… […]
  • Integra plans to shrink the C-suite after executive’s exit
    Integra Lifesciences (Nasdaq: IART) will eliminate the position of chief operating officer next week — though the office is already empty. Former COO Glenn Coleman’s last day at Integra was Friday, according to a separation agreement filed with the Securities and Exchange Commission that same day. Coleman was scheduled to start as the new EVP and… […]
  • Steris plans to build a new medical device testing facility
    Steris (NYSE: STE) plans to build a new packaging and microbiological testing facility for medical devices in Leipzig, Germany. The facility will offer packaging testing services such as accelerated and real-time aging, transportation and integrity testing. The new location will also offer microbiological testing in collaboration with the medical device manufacturer and sterilizer’s laboratory in… […]
  • 10 medical device startups you need to know
    Some of the most interesting medical device startups of 2022 are advancing a wide range of innovative medtech: robotics, catheter-delivered brain-computer interfaces and more. The editors here at Medical Design & Outsourcing and MassDevice are writing about medical device startups all the time. But there are some device companies starting out that have technologies that… […]
  • Steris stock downgraded as analysts expect lawyers to seek more ethylene oxide lawsuits
    Steris (NYSE: STE) stock was downgraded today by Needham from buy to hold following the $363 million jury verdict against its primary competitor, Sterigenics, over ethylene oxide (EtO) emissions. Needham analysts said they expect attorneys to target communities near EtO facilities with ads to find people willing to file more lawsuits against sterilization plant operators… […]