Silk Road Medical (NSDQ:SILK) said yesterday that it cleared just more than $109 million in its initial public offering, including a fully subscribed underwriters option.
The $20-per-share flotation grossed $120 million, Sunnyvale, Calif.-based Silk Road said. The company is developing a neuroprotection and stent system called Enroute as an aid to transcarotid artery revascularization procedures. Silk Road’s estimated net proceeds of $109.1 million are earmarked for sales force expansion, new clinical trials, increasing its international footprint and potentially for acquisitions.
President & CEO Erica Rogers told MassDevice.com last week that Enroute is designed to be a less-invasive alternative to carotid endarterectomy. It’s engineered to temporarily reverse blood flow during stenting to prevent debris from entering the brain, Rogers told us.
In their first day of trading April 4, SILK shares gained 80.9% on the IPO price, opening at $33.15 apiece and rising as high as $39.51 before closing at $36.18 each. The stock closed down -2.3% at $34.99 per share yesterday.