SpineGuard (EPA:ALSGD) said its initial public offering on Europe’s Alternext exchange raised some €8.1 million, or roughly $10.5 million.
The Paris-based medical device company makes the PediGuard device, designed to help guide the placement of pedicle screws during spinal fusion surgeries.
The IPO went off at €7.29 per share, or about $9.50 apiece, giving SpineGuard an initial market capitalization of about €31.4 million ($40.8 million), according to a press release.
"We are delighted to announce today the success of SpineGuard’s IPO on Alternext despite particularly difficult financial market conditions," co-founder & CEO Pierre Jérôme said in prepared remarks. "This IPO represents a major step for the company in establishing the PediGuard device as a standard of care in pedicle screw placement at the very moment we have reached the milestone of 25,000 surgeries. We warmly thank all our new shareholders joining us today, our historical shareholders who have supported us for the past four years, our employees in the USA and France and our partners worldwide without whom we would not have reached this milestone. With the raised funds, we will be able to accelerate our commercial expansion and the development of our platform technology."
ALSGD shares traded as high as €7.65 apiece today, up 4.9%.