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.
LONDON – Sleep disorder specialist Nyxoah SA hit the top end of its price range of €17 per share, raising €84.75 million (US$100) million in its initial public offering. Assuming full exercise of the over-allotment option, the company will have a market capitalization of €375.26 million. The shares began trading on Euronext Brussels (EBR:NYXH) on Sept. 18, and had a good first day, closing up 14.7%, at €19.50.
Advanced diagnostics startup Coremap Inc., which is developing a technology capable of identifying the drivers of atrial fibrillation (AF), scooped up $10.5 million in a series A financing led by Qure Ventures. The funds will be used to accelerate product development and future regulatory submissions. Founded in 2016, the Burlington, Vt.-based company has raised nearly $12 million to date.
TORONTO – “With COVID-19 it’s not been an easy time to raise capital.” In virtually the same breath Joshua Liu, CEO of Toronto-based health-tech startup SeamlessMD Inc. credited the pandemic with nudging investors to spend CA$4 million (US$3 million) to grow his company’s cloud-based patient engagement app, boosting a library of digital plans for surgery, cancer and chronic care and adding machine learning-based risk prediction to remote patient monitoring.
Raising more money in the first three quarters of 2020 than in each of the last three full years, the med-tech industry is mirroring that of the biopharma industry, showing an unprecedented amount of financing during what is arguably the most economically disruptive pandemic in a lifetime.
Portable dialysis machine manufacturer Outset Medical Inc. saw its shares soar after the opening of its Nasdaq IPO. The stock rose as high as $61.60 before closing at $60.68, finishing the day with a market cap of nearly $2.5 billion. Trading under the ticker symbol OM, the company priced 8.95 million of its shares at $27 apiece, upsizing its previously reported plans to offer 7.6 million shares between $22 and $24. The offering is set to close Sept. 17.
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