Inspire Medical Systems this week set the range for a proposed initial public offering that would fetch $75 million at the midpoint.
Maple Grove, Minn.-based Inspire, which spun out from Medtronic (NYSE:MDT) in 2007, makes devices for treating obstructive sleep apnea. The company said it plans to issue 5 million shares at $14 to $16 apiece, setting its market capitalization at roughly $305 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.
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