iRhythm closes $115m offering

September 11, 2019 By Sean Whooley Leave a Comment

iRhythm Technologies (NSDQ:IRTC) said yesterday that it closed its underwritten public offering of common stock for gross proceeds exceeding $100 million.

The San Fransisco-based company said it offered nearly 1.6 million shares at $73 per share, including the exercise in full of the underwriters’ option to purchase an additional 205,479 shares.

iRhythm initially estimated net proceeds ranging from $93.3 million to $107.4 million, but the offering’s proceeds totaled $115 million.

J.P. Morgan and Morgan Stanley acted as joint lead book-running managers for the offering. Canaccord Genuity and BTIG acted as co-managers.

Last week, iRhythm agreed to a deal worth nearly $13 million with Verily to develop AI-based screening, diagnosis and management technology for atrial fibrillation. The agreement to integrate Verily’s data analytics into iRhythm’s AI-based arrhythmia diagnosis technology includes a $5 million up-front payment to Verily, plus nearly $6.8 million in development and regulatory milestones, the company said. All told, the company plans to set aside $30 million to $35 million for the Verily program.

Shares of IRTC were up +0.3% at $72.91 per share in early-morning trading today.

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