A company called Acclarent, Inc. has filed to come public via an IPO of up to $86.25 million in common stock. The company hasn’t selected an exchange or ticker, but noted that it will list on NYSE or NASDAQ.
JPMorgan and Piper Jaffray are listed as the book-runners with Leerink Swann and RBC Capital Markets listed as co-managers.
The company makes the Balloon Sinusplasty for minimally invasive tools used in treating chronic sinusitis. Revenues in 2007 were $22.187 million and it generated $10.186 million in revenues during the first three months of 2008. As far as how this compares since it is recent in the commercialization stage, it generated $7.725 million revenues in 2006 and only $177,000 in revenues in 2005. It is not yet profitable.
Net proceeds from this offering are earmarked for sales, marketing and clinical training initiatives, research and development activities, clinical and regulatory initiatives and general corporate purposes including acquisitions.
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Jon C. Ogg
June 6, 2008
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