A trio of medical device companies that went public last year are planning follow-on offerings to raise more cash.
Nevro Corp. (NYSE:NVRO), Intersect ENT (NSDQ:XENT) and Ocular Therapeutix (NSDQ:OCUL) all revealed plans for the flotations this week.
Menlo Park, Calif.-based Nevro priced its 1.8-million-share offering yesterday at $51 per share, saying stockholders would put up another 2.9 million shares. The offering includes a 30-day over-allotment option for another 705,882 shares, Nevro said. It share should gross about $90 million, the company said.
Nevro, which is led by ex-Medtronic (NYSE:MDT) COO DeMane, won FDA approval for their Senza chronic pain device last month. The company has raised more than $153 million so far from backers including Johnson & Johnson (NYSE: JNJ), Covidien, Novo Nordisk and New Enterprise Assoc. A Series C round brought in $48 million last year.
Intersect ENT, also based in Menlo Park, said June 1 that it’s planning to float 3 million shares, with an expected 450,000 additional shares available to underwriters for 30 days. J.P. Morgan and Bank of America Merrill Lynch will be bookrunning managers, with Leerink Partners, Canaccord Genuity and William Blair as co-managers, the company said.
Intersect, which makes drug-eluting devices designed to treat ear, nose & throat conditions, raised $55 million in an initial public offering last July. The company raised a $30 million Series D round in February 2013 that included a contribution from Medtronic. An earlier round in November 2010 also raised $30 million.
And Bedford, Mass.-based Ocular Therapeutix said it’s planning an offering of 4 million shares, including 3.2 million of its own shares, with a 30-day over-allotment option for underwriters of 600,000 shares.
Ocular Therapeutix said last month that it plans to submit an FDA application to broaden the indication for its OTX-DP drug-device combination, now called Dextenza, for use in treating post-surgical ocular pain.
OCUL share prices plunged in April after OTX-DP failed to meet a key endpoint in the 2nd clinical trial of the eye drug in reducing pain and inflammation after cataract surgery. The treatment is designed to deliver sustained dosage over 4 weeks of the drug dexamethasone, using a hydrogel plug inserted into a tear duct. The plug then dissolves and is flushed from the body as tears.
