Sientra (NSDQ:SIEN) last week closed a $115 million underwritten public offering, with plans to use the net proceeds to implement sales and marketing initiatives, as well as grow its U.S. and global commercial organizations.
The medical aesthetics company offered 17,391,305 shares of its common stock and 2,608,695 additional shares of common stock in options to the underwriters at $5.75 apiece.
Stifel, William Blair and SVB Leerink acted as joint book-running managers for the offering, according to the Santa Barbara, Calif.-based company.
Alongside marketing and commercial initiatives, Sientra plans to use proceeds from the offering to fund research and development efforts. After taking into account underwriting discounts and commissions, the company reeled in roughly $108.1 million from the offering.
Last month, Sientra saw its shares drop after the company’s first-quarter earnings missed estimates on Wall Street.
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