LDR Holding Corp. announced that it’s making a bid for its initial public offering, aiming to sell its stock on the NASDAQ global market under the stock ticker ‘LDRH’, according to a company statement.
The company Texas-based spinal device company did not disclose the number of shares or detailed pricing for the IPO, but filed for an offering of up to $69 million, SEC documents show.
Austin-based LDR develops proprietary surgical devices, specializing in treatment of patients with spine disorders. The device maker last year posted $90.9 million in sales and $9.7 million in net losses.
"With headquarter locations in Troyes, France and Austin, USA, LDR has experienced rapid growth through product portfolio expansion and an increasingly global presence," according to LDR’s website. "Novel implantable spine devices and instrumentation from LDR are designed to support the clinical goals of surgery and patient outcomes, while making procedures easier to perform."
Earlier this month the company landed its 1st FDA clearance, gaining U.S. market access for its Mobi-C device, a cervical disc replacement for patients with degenerative disc disease. LDR expects to continue incurring losses in the near term, according to SEC filings.
As part of the offering, the company hired Piper Jaffray & Co., William Blair & Company, L.L.C. and Bryan, Garnier & Co. as its book-running managers and also hired the firms Cowen and Company, LLC, JMP Securities LLC and Stephens Inc. to act as co-managers during the proposal.