Exeter, N.H.-based VapoTherm said it plans to float 3.1 million shares at $14.50 apiece for gross proceeds of $45.0 million. The offering also includes an underwriters option on another 465,750 shares, which would add $6.8 million to the take if exercised in full. The flotation is slated to close August 6, the company said.
VapoTherm’s Hi-VNI device is designed to deliver high-velocity, heated, humidified and oxygenated air to treat patients with pneumonia, chronic obstructive pulmonary disease, asthma and heart failure. Net proceeds from the offering are earmarked for expanding the company’s sales and marketing footprint, product development, R&D, working capital and other general corporate purposes, according to a regulatory filing.
BofA Merrill Lynch and William Blair are joint book-runners on the flotation, with Canaccord Genuity as lead manager and BTIG as co-manager.