Advanced BioHealing, a US-based healthcare company for treating foot ulcers backed by medical device maker Safeguard Scientifics, plans to raise $200m in its Nasdaq flotation.
Investment banks BoA Merrill Lynch and JP Morgan are co-lead underwriters of the initial public offering.
Safeguard owns 1.59 million shares, 28.1% of Advanced BioHealing, while venture capital firms Canaan Partners and Wheatley Partners own 40.7% and 14.7%, respectively, according to its regulatory filing.
Gary J. Kurtzman, a vice-president and managing director at Safeguard, is on Advanced’s board.
Safeguard led and provided $8m of Advanced’s $25.5m series C round in February 2007. The portfolio company had previously raised $8m in November 2005 from Canaan and Wheatley, and $2.4m from angel investors in October 2004.