Sientra (NSDQ:SIEN) yesterday lifted the total it is looking to raise in an upcoming offering from a previously announced $75 million to $100 million.
In the offering, which was announced earlier this week, the Santa Barbara, Calif.-based company said it plans to float approximately 17.4 million shares of its common stock at a price of $5.75 per share.
Sientra said that it expects the gross proceeds, before deducting underwriting discounts and other expenses, is expected to be approximately $100 million.
Funds raised in the round will be used to help support sales and marketing initiatives, to expand its U.S. and global commercial teams and to fund research and development efforts.
Sientra said that the round includes a 30-day underwriter’s option to purchase an additional 2.6 million shares of stock at the $5.75 price, which could bring in an additional approximate $15 million, bringing the total possible raised to $115 million.
Stifel, William Blair and SVB Leerink are acting as joint book-runners for the offering, the company said in a press release.
Last month, Sientra saw shares plunge after the cosmetic device maker’s first-quarter earnings missed the mark by a mile.