Amedica lowers IPO price range, boosts shares on offer (Mass Device)
Amedica lowers the price range for its impending initial public offering, but boosts the number of shares it plans to offer.
Medical device company Amedica lowered the price range for its impending initial public offering, but said it would put more shares on offer.
Salt Lake City-based Amedica, which makes silicon nitride-based biomaterials for medical devices, said it plans to trade under the AMDA symbol on the NASDAQ exchange. The IPO, initially slated at nearly 3.2 million shares at $10 to $12 apiece, is now expected to run between $8 and $10 per share, with 3.5 million shares on offer.
The low end of the new price range would see Amedica raise 20% less than anticipated, about $28 million; at the high end, the IPO would still fetch the $35 million Amedica was seeking.
Amedica’s products are aimed at the orthopedic and spinal markets. The company makes interbody devices used in spinal fusion procedures; their semi-radiolucent silicon nitride material is designed to promote bone growth and help prevent infection.