Vapotherm last week registered for an initial public offering worth nearly $58 million for the respiratory device it’s developing.
Exeter, N.H.-based Vapotherm 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.
In an Oct. 19 filing with the U.S. Securities & Exchange Commission, Vapotherm said the proceeds from the $57.5 million offering are earmarked for expanding its sales and marketing teams and increase its marketing footprint in the U.S. and overseas. Some of the cash will also go toward R&D, working capital and general expenses, the company said.
Vapotherm plans to list on the New York Stock Exchange under the “VAPO” symbol.
The company posted losses of -$31.0 million, or -$3.20 per share, on sales of $35.6 million last year, widening its losses by 34.4% on sales growth of 18.2% compared with 2016. For the nine months ended Sept. 30, Vapotherm reported losses of -$29.6 million, or -$2.54 per share, on sales of $30.7 million, increasing its losses by 34.7% on sales growth of 21.8% compared with the first three quarters of 2017, according to the filing.