US-based medical device manufacturer TriVascular Technologies has amended its initial public offering, for which it originally filed in early March, and now intends to raise up to $112.1m by issuing almost 7.48 million shares priced at up to $15.00 each, up from the $100m initially targeted.
Founded in 2007, TriVascular manufactures medical devices capable of the minimally invasive treatment of abdominal aortic aneurysms. It intends to use $3.5m of the proceeds to repay a promissory note to Boston Scientific Corporation, but a portion will also go towards expanding its sales and marketing infrastructure, and to fund additional research and development.
TriVascular has raised $255m in equity from New Enterprise Associates, Delphi Ventures, MPM Capital, Kearny Venture Partners, Kaiser Permanente Ventures and the Redmile Group, Deerfield Management, Rock Springs Capital and Permal Asset Management, including a $60m series D round in 2012 that was co-led by Kaiser Permanente Ventures, the corporate venturing arm of care consortium Kaiser Permanente, and Redmile.
NEA is currently TriVascular’s largest shareholder, owning a 26.6% stake that will be diluted to 17.7% after the offering. Other notable shareholders are Delphi (21.4%), MPM (14.2%) and Kearney (6.0%).
J.P. Morgan Securities and Credit Suisse Securities (USA) are acting as joint book-running managers for the IPO, while Canaccord Genuity and Stifel, Nicolaus & Company are serving as co-managers.