Inspire Medical Systems said yesterday that it closed a $75 million offering, which included a fully exercised underwriter’s option.
The Minneapolis-based company said that it floated 2.5 million shares of common stock, with 1.5 million offered by Inspire itself and 1 million offered by certain shareholders. The round also included 375,000 shares offered through a fully exercised underwriter’s option at a price of $40 per share, bringing the total shares offered up to approximately 1.9 million.
The aggregate gross proceeds from the round are $75 million before deducting underwriting discounts and offering expenses. Inspire Medical said that it did not receive any proceeds from the sale of common stock by selling stockholders.
Bank of America Merrill Lynch, Leerink Partners and Wells Fargo Securities acted as joint book-runners for the offering, while Guggenheim Securities and Stifel acted as lead managers for the offering, according to a press release.
Inspire Medical has not yet stated how it plans to spend funds raised during the offering.
In June, Inspire Medical said that it won approval from Japan’s Ministry of Health, Labour and Welfare for its Inspire therapy system, now cleared to treat moderate to severe obstructive sleep apnea.