Ra Medical Closes in on IPO
Commercial-stage medical device company Ra Medical Systems has amended its filing with the SEC for its initial public offering.
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Ra Medical Systems has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). No pricing details were given in the filing, but the offering is valued up to $86.25 million. The company intends to list its shares on the New York Stock Exchange under the symbol RMED.
The underwriters for the offering are Piper Jaffray, Cantor, SunTrust Robinson Humphrey, Nomura and Maxim Group.
This is a commercial-stage medical device company leveraging its advanced excimer laser-based platform for use in the treatment of vascular and dermatological diseases. Management believes its products enhance patients’ quality of life by restoring blood-flow in arteries and clearing chronic skin conditions.
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In June 2018, the firm completed its 12-month commercial launch period, which included training, production and staffing for the marketing of the DABRA laser system and disposable catheter, together referred to as DABRA, in the United States.
As of June 30, 2018, Ra Medical had a U.S. installed base of 31 DABRA laser systems, eight of which have signed usage agreements, and the remainder of which are temporarily placed for use in demonstrations, trials or training. DABRA is cleared by the U.S. Food and Drug Administration (FDA) as a tool for the minimally invasive endovascular treatment of vascular blockages resulting from lower extremity vascular disease, which includes peripheral artery disease, which commonly occurs in the legs.
The company intends to use the net proceeds from this offering to expand its direct sales force and marketing, as well as to support clinical studies for new products and product enhancements. The remainder will be used for working capital and general corporate purposes.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
