A Diagnostics & Imaging Week
Healthcare monitoring firm Visicu (Baltimore) reported completing its initial public offering (IPO).
The company sold a total of 6.9 million shares – 900,000 of which were for over-allotments – of its common stock in the IPO at a price of $16 per share for a gross value of about $110.4 million, and its shares began trading on the Nasdaq National Market under the symbol EICU on April 5.
The pricing was more than reported in the amended offering price of $11-$13 a share, first filed with the SEC in mid-March and $1 higher per share than the upper range of the $13-$15 revised pricing disclosed in early April.
The company said it is focused on transforming the delivery of hospital-based critical care through its eICU critical care program.
The company said it expects to use the net proceeds from the offering for general corporate purposes and to support the growth of its business, including increasing its sales and marketing efforts, enhancing its product offerings and pursuing additional research and development initiatives. The company said it might also use a portion of the net proceeds to acquire or invest in complementary products, technologies or companies.
Visicu's eICU program is a remote monitoring system that allows hospitals to help improve patient treatment outcomes by leveraging scarce critical care trained staff to monitor critically ill patients more frequently and to intervene earlier to prevent or manage crises.
To date, Visicu's healthcare solutions have been sold primarily to large, multi-hospital health systems that want to improve the quality of their intensive care unit care.