VapoTherm (NYSE:VAPO) yesterday registered a stock offering worth up to $57 million for the maskless, noninvasive ventilation device it’s developing.
Exeter, N.H.-based VapoTherm said it plans to float 2.6 million shares at an unspecified price, listing the maximum amount of the offering at $57.4 million. The offering is also slated to include a 30-day underwriters option on another 390,000 shares, 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.
Earlier this week VapoTherm reported second-quarter earnings that topped the consensus estimate on Wall Street, but saw its share prices slide anyway.
Losses for the three months ended June 30 were -$12.9 million, or -76¢ per share, on sales of $12.0 million, meaning losses widened by 14.7% on sales growth of 13.5% compared with Q2 2018. Analysts on Wall Street were looking for losses per share of -80¢.
VAPO shares, which closed at $19.20 apiece July 29, were off by -12.1% to $15.95 apiece today in mid-morning trading.