Silk Road Medical has registered for an initial public offering, looking to bring in approximately $86.3 million, according to a recently posted SEC filing.
The Sunnyvale, Calif.-based company said that it applied to list its common stock on the NASDAQ exchange using the symbol “SILK,” according to the filing.
The company’s flagship product is its Enroute transcarotid stent and neuroprotection system, which is designed to be used during a transcarotid artery revascularization procedure to treat blockages in the carotid artery that are at risk of causing a stroke.
Funds from the offering will be used to expand the company’s sales force and operations, to increase research & development including new clinical trials and to expand internationally, Silk Road Medical said in the SEC filing.
A portion of the funds raised may also be used to “acquire complementary products, technologies, intellectual property or businesses,” according to the filing.
Last June, Silk Road released results from studies of its transcarotid artery revascularization procedure, touting favorable outcomes in treating patients with carotid artery disease.