The stock opened at $12 per share, below the $13-$15 range expected for shares of the California stent graft maker. The stock closed at $13.79 today, and slipped 2.8% to $13.40 in after-hours.
Trivascular announced last month that it hoped to raise as much as $98 million from its IPO, but at $12 per share the sale of 65 million units of stock will top out around $78 million before any over-allotments.
The Santa Rose, Calif.-based medical device company has said it plans to use the proceeds to to repay a $3.5 million promissory note, plus interest, to medtech titan Boston Scientific (NYSE:BSX). Additional funds will go toward sales & marketing efforts, expanded R&D and general corporate operations.
Trivascular’s Ovation stent graft which won FDA approval in October 2012 and has been on the European market since landing CE Mark approval in August 2010.
In case you missed it
- FDA clears VySpine’s VyPlate anterior cervical plate system
- Technical Brief – “Understanding the Extensive OEM Benefits of Total Linear Motion Solutions.”
- Exactech launches total hip arthroplasty system
- Lensar announces first patients treated with Ally adaptive cataract treatment
- HeartBeam submits heart attack diagnostic platform for FDA 510(k) clearance
- GE Healthcare leads AliveCor Series F funding for ECG tech
- New FDA ruling may lower costs for over-the-counter hearing aids
- Data supports Sight Sciences’ Omni surgical system for glaucoma
- Integra founder Richard Caruso has died
- Moximed raises $40M for implantable shock absorber for knee osteoarthritis
- Philips names Roy Jakobs as CEO amid ventilator, CPAP recalls
- Shareholder lawsuit over BD’s Alaris pumps recall moves forward
- Dyad Medical wins FDA clearance for cardiac imaging platform Echo:Prio
- Outset Medical wins national VA contract
- Inspire Medical Systems appoints former Zimmer Biomet exec as VP of investor relations
- Abbott will spend $450M to up FreeStyle Libre production in Ireland
- Acutus Medical ticks up on revenue beat, missed EPS in Q2 results
- What Laura Mauri learned from a ‘firestorm’ in her first months at MedtronicDr. Laura Mauri faced a monumental moment with former Medtronic CEO Omar Ishrak shortly after she joined the company as VP of global clinical research and analytics. It was late 2018, and Mauri — who’s now an SVP and the chief scientific, medical and regulatory officer at Medtronic (NYSE: MDT) — was in a meeting… […]
- Senators seek post-market FDA study of pulse oximeters and skin colorDemocratic U.S. senators are prodding the FDA to launch a post-market study of pulse oximeters due to unreliable performance for patients with dark skin. Pulse oximeters estimate blood oxygen levels (SpO2) and pulse rates in patients using infrared light — usually on a fingertip — at home or in clinical settings. Blood oxygenation is one… […]
- TE Connectivity opens global medical device prototyping center in IrelandTE Connectivity (NYSE:TEL) today announced it opened its global Propelus Prototype Center for medical devices in Galway, Ireland. The $5 million rapid prototyping center was built into its existing manufacturing site in Galway and directly connects TE engineers with customers to reduce development time and increase speed to market for lifesaving and life-improving medical devices. Propelus… […]
- Contract manufacturer Minnetronix Medical launches its first in-house product, MindsEyeMinnetronix Medical has launched MindsEye, making it the first medical device that the contract developer and manufacturer has conceived and commercialized. St. Paul-based Minnetronix Medical’s MindsEye is the first expandable brain access port on the market. The FDA cleared the device under the 510(k) pathway in August 2020. The minimally invasive device gives neurosurgeons deep… […]
- What’s next for Jennifer Fried after leaving Explorer Surgical?Explorer Surgical co-founder Jennifer Fried has resigned from the company after selling it to Global Healthcare Exchange in October. Fried announced her departure last week on LinkedIn, saying she’s preparing for her next professional chapter. “It’s bittersweet — I’m so proud of everything our team has built and accomplished,” Fried wrote. “The time has flown… […]
- The 24 best medical device innovations of 2022The Galien Foundation recently announced its nominees of medical device innovations for its 2022 Prix Galien USA awards. There are 24 medical technologies nominated for the annual award this year, up from 18 nominees in 2021. The Galien Foundation’s annual Prix Galien awards highlight devices, biotechnology and pharmaceutical products designed to improve the human condition.… […]
- FDA issues new COVID-19 testing guidance to avoid false negativesCOVID-19 testing should be repeated following a negative result on any antigen test, the FDA said in a move that could increase demand for diagnostics manufacturers. The latest guidance from the federal health agency is for negative COVID-19 antigen test results regardless of the presence or absence of symptoms. The federal agency said recent studies… […]
- Confluent Medical expands Costa Rica manufacturing footprint for nitinol, complex catheter productionConfluent Medical Technologies this week announced the opening of its new addition to its Costa Rica manufacturing facility. The expansion adds 66,000 sq. ft to its large-scale manufacturing center of excellence in Alajuela, Costa Rica to expand Confluent’s capacity for nitinol component processing and complex catheter manufacturing. “Confluent has experienced consistent and strong growth in… […]
- FDA’s breakthrough medical device designations tally nears 700Stewart Eisenhart, Emergo Group The US Food and Drug Administration has granted almost 700 designations over the past seven years under a voluntary program for expedited regulatory review of medical devices and combination products that facilitate more effective treatment or diagnosis of serious diseases. According to recent metrics published by FDA, the agency has issued a total of… […]
- Lifecore Biomedical’s owner plans to go all-in on contract development and manufacturingLifecore Biomedical parent company Landec Corp. (Nasdaq:LNDC) plans to take the subsidiary’s name, leadership and headquarters as its own and sell off food businesses to focus on contract development and manufacturing. Santa Maria, California-based Landec said it will rename itself as Lifecore Biomedical “in the near future” and change its Nasdaq ticker to LFCR. Landec… […]
- COVID-19 immunity test developers at MIT seek diagnostic manufacturerMIT researchers have developed a device for predicting an individual’s COVID-19 immunity and are looking for a diagnostic company to get it manufactured in large numbers and approved by the FDA. The lateral flow test uses the same technology as at-home rapid antigen COVID-19 tests to measure neutralizing antibodies for SARS-CoV-2 in a blood sample,… […]