The company said it plans to use the proceeds of offering to invest in implant and instrument sets for consignment to its customers, fund research and development activities, expand its sales and marketing programs and working capital and general corporate purposes.
The offering is expected to close on or around December 11, 2018, according to a regulatory filing. The Warsaw, Ind. company has also granted the underwriters a 30-day option to purchase up to an additional 225,000 shares of its common stock at the public offering price.
In May, OrthoPediatrics won FDA 510(k) clearance for its Femur pediatric nailing platform. The company’s Femur system is designed to accompany two pediatric-specific nail offerings and is an upgrade to an earlier version of the device. OrthoPediatrics said the clearance of the device is the “next step” in the evolution of its intramedullary nailing franchise.
The company’s shares opened at $27.25 today, and had climbed to $30 by noon Eastern time.