Updated to correct Scott Durbin’s title to CFO
Sunnyvale, Calif.-based Viveve makes a non-surgical treatment for post-partum laxity of the vaginal introitus. The company put a 1-for-8 reverse split into place last month; today Viveve said it plans to float nearly 1.6 million shares at $8 apiece, hitting the NASDAQ exchange under the “VIVE” symbol. Viveve Medical would command a fully diluted market value of $73 million at that price.
In April Viveve said it planned to drum up $11.5 million with the flotation.
Viveve’s losses widened last year by 101.1% to -$12.4 million, or -$2.47 per share, on sales growth of 1,507.8% to $1.4 million compared with 2014, according to the filing. Yesterday the company said 1st-quarter losses grew 62.7% to -$4.1 million, or -55 per share, on sales of $1.3 million for the 3 months ended March 31.
“We now have a total commercial installed base of 75 Viveve systems around the world. We anticipate further increases in our installed base throughout 2016 as we continue to achieve regulatory clearances in additional countries,” CFO Scott Durbin said in prepared remarks.
“We believe this quarter’s financial highlights demonstrate the demand we are seeing for a safe, non-invasive and clinically proven treatment for vaginal laxity. In addition, we anticipate that the results from our Viveve I clinical study, which we look forward to sharing in the near future, will further validate the clinical safety and efficacy of our technology and its use in treating a condition that affects millions of women worldwide,” added CEO Patricia Scheller.
Ladenburg Thalmann is serving as sole bookrunner on the offering.