TriVascular Technologies said it could raise as much as $98 million from its planned initial public offering after setting the per-share price range at $13-$15.
That would set the top end of the 6.5-million-share offering at $97.5 million, or $84.5 million at the low end.
TriVascular, which makes the Ovation stent graft for treating abdominal aortic aneurysms, would have a market capitalization of $251.3 million to $289.9 million at those prices, according to a regulatory filing.
The Santa Rose, Calif.-based medical device company has said it plans to use the proceeds to to repay a $3.5 million promissory note, plus interest, to medtech titan Boston Scientific (NYSE:BSX). Additional funds will go toward sales & marketing efforts, expanded R&D and general corporate operations. Once public, the company is slated to trade on the NASDAQ exchange under the "TRIV" symbol.
TriVascular’s Ovation stent graft which won FDA approval in October 2012 and has been on the European market since landing CE Mark approval in August 2010.
"We believe we have an opportunity to rapidly increase the adoption and use of the Ovation System by further investing in our sales infrastructure, generating additional clinical data and expanding our professional education efforts," according to regulatory filings. "We began selling the Ovation System commercially in the United States in November 2012. For the year ended Dec. 31, 2013, our total revenue was $19.5 million, and our net loss was $50.3 million."
