Inspire Medical Systems yesterday up-sized its initial public offering to $108 million, or some $124 million if the underwriters option is exercised in full.
Maple Grove, Minn.-based Inspire, which spun out from Medtronic (NYSE:MDT) in 2007, makes devices for treating obstructive sleep apnea. The company had said it planned to issue 5 million shares at $14 to $16 apiece, which would have fetched $75 million at the midpoint.
But in a regulatory filing yesterday, Inspire said it sold 6.75 million shares at $16 apiece and put an underwriters option on the table that’s worth another $16.2 million.
Inspire, which posted net losses of -$17.5 million on sales of $28.6 million last year, plans to list on the New York Stock Exchange under the INSP symbol. The flotation is slated to price next week.
The company developed a pacemaker-like system designed to stimulate nerves to keep airways open during sleep to treat obstructive sleep apnea. BofA Merrill Lynch and Goldman Sachs & Co are acting as underwriters for the offering, according to an SEC filing.
In November 2016, Inspire Medical closed a $37.5 million Series F round.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.