Viveve (OTC:VIVMD) said today that it’s planning to raise $11.5 million, having executed a 1-for-8 reverse stock split, as part of its uplisting from the over-the-counter exchange to the NASDAQ board.
Sunnyvale, Calif.-based Viveve makes a non-surgical treatment for post-partum laxity of the vaginal introitus. The company put the reverse split into place yesterday; today Viveve said it plans to hit the NASDAQ exchange under the “VIVE” symbol but didn’t disclose the pricing terms for the flotation in a registration filing.
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.
In a separate release, Viveve said it expects to post a 73% top-line gain for the 1st quarter with sales of roughly $1.3 million, compared with the 4th quarter of 2015.
“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,” CEO 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 served as sole bookrunner on the offering.