Vapotherm said today it closed its initial public offering, raising a total $64.4 million in gross proceeds.
The Exeter, N.H.-based company developed the Precision Flow line of devices to provide high-velocity heated, humidified and oxygenated air to treat patients with conditions such as pneumonia, chronic obstructive pulmonary disease, asthma and heart failure. Some 1,200 of the devices have been sold in the U.S., mostly into hospital ICUs, the company said.
Vapotherm said it floated 4.6 million shares of its common stock at $14 per share, and that the offering featured a fully exercised underwriter’s option to purchase an additional 600,000 shares of common stock.
The company said that shares began trading on the NYSE under the ticker symbol “VAPO” on Wednesday, according to a press release.
Proceeds from the flotation are earmarked for expanding its sales and marketing teams and increase its marketing footprint in the U.S. and overseas, the company has said. Some of the cash will also go toward R&D, working capital and general expenses, according to a regulatory filing.