Asante Solutions, the US-based developer of an insulin pump system, has filed for an initial public offering that could raise up to $45m.
Founded in Denmark, Asante produces a pump system to inject insulin for diabetes sufferers. It plans to introduce new features to the product in early 2015, including a colour screen and options for user customisation.
Pharmaceutical firm Novo is Asante’s largest shareholder and owns a 28.7% stake, while Lundbeckfond Invest, a subsidiary of pharmaceutical company Lundbeck, holds 26.9%.
Other notable shareholders include Sunstone Capital (17.7%), Thomas, McNerney & Partners (14.2%), Seed Capital Denmark (13.2%) and De Novo Ventures (9.7%). Existing shareholders have agreed to purchase $17.1m of stock in a private placement concurrent to the IPO.
The offering is set to follow $34.4m in financing raised from convertible note offerings between 2011 and 2013, and $68.8m in equity funding secured between February 2013 and September this year.
Asante plans to float on Nasdaq. Leerink Partners, Cowen and Company, Wells Fargo Securities and Oppenheimer are serving as underwriters for the offering.