A Medical Device Daily
TranS1 (Wilmington, North Carolina) has registered for an initial public offering of its common stock, according to a regulatory filing Tuesday with the Securities and Exchange Commission.
The company did not disclose the number or expected price range of shares to be offered, but indicated that the proposed maximum offering price would be $80.5 million.
TranS1 develops products that implement a minimally invasive surgical approach to treat degenerative disc disease affecting the lower lumbar region of the spine. TranS1 was incorporated in Delaware in May 2000.
In 2005 the company reported U.S. market release of its Axial Lumbar Interbody Fusion (AxiaLIF) system. The AxiaLIF system, which receved FDA 510(k) clearance in December 2004, was touted as the least-invasive approach to lumbar fusion and dramatically reduces patient recovery time in comparison to traditional lumbar fusion procedures, the company said at the time (Medical Device Daily, Feb. 2, 2005).
Until now the company says it has financed its operations primarily through private placements and its equity securities and has devoted substantially all of its resources to R&D of its products and commercial launch of its AxiaLIF products.
The company plans to use the net proceeds from the offering on sales and marketing initiatives to support the commercialization of its products, and for R&D activities, including clinical trials and regulatory approval.
TranS1 said it has a limited operating history and has incurred net losses since its inception. Through March 31 the company had an accumulated deficit of $24 million.
Lehman Brothers and Piper Jaffray will act as joint book-running managers for the offering with Cowen and Co. and Leerink Swann acting as co-managers.