Outset Medical Inc. closed its Nasdaq IPO Thursday with gross proceeds of approximately of $277.9 million. The IPO, which launched Tuesday, included nearly 10.3 million shares of common stock at $27 per share and the full exercise of underwriters’ option to purchase more than 1.3 million additional shares. Shares of the San Jose, Calif.-based company’s stock, which is trading under the ticker OM, soared to more than $60 on the first day of trading amid enthusiasm for its portable dialysis machine.

Baxter International Inc. has scored a win from the U.S. FDA, which has granted the de novo application for Theranova, the company’s novel dialysis membrane. For his part, Cowen’s Josh Jennings noted that de novo designations are rare in the dialysis space, echoing a company statement. “We think the de novo classification strengthens any argument for the uniqueness of the technology, which should help its commercial experience,” he added. “BAX had expected an FDA clearance in [second half of] '20, so this action falls on the early end of that range.”