Sientra floated 5.75 million shares at $15 apiece for total proceeds of nearly $86.3 million, plus an over-allotment of 750,000 shares to the offering’s underwriters, according to a press release.
Sientra, which also has designed implants for the buttocks, calf, pectoral region and face, has backers including Abingworth Bioventures, OrbiMed and Clarus Lifesciences. SIEN shares began trading Oct. 29, opening at $17.62 before falling 4.9% to close at $16.75. The stock traded as high as $18.84 in the interim before closing at $17.50 apiece yesterday.
The FDA approved Sientra’s breast implant product line in 2012, with sales totaling $21.9 million in the first half of 2014, up 22% from the same period in 2013. Sientra cut its net losses in the first 6 months of the year to $1.1 million, compared to a $9.6 million loss in the first half of 2013.
Earlier this month, Sientra inked terms under which the 3 preferred stockholders would see their shares convert to common stock in the IPO. Sientra also detailed its equity incentive plan for executives and an employee stock plan that it had not divulged in its initial IPO filing in September.
In September 2013 Sientra won a legal victory over Johnson & Johnson (NYSE:JNJ) when a California jury rejected a $27 million lawsuit brought by the healthcare giant after 15 employees of its Mentor division jumped ship for Sientra.