Inari Medical Files for $110 Million IPO on Nasdaq to Advance Minimally Invasive Venous Disease Treatments

Original Title: Medical Device Manufacturer Inari Medical Files for Nasdaq IPO, Plans to Raise $110 Million Source: Zhitong Finance Network

Zhitong Finance APP learned that Inari Medical, a producer of minimally invasive medical devices for venous diseases, announced the terms of its initial public offering (IPO) on Monday. The company plans to raise $110 million by issuing 7.3 million shares, with an offering price range of $14 to $16 per share. Insiders reportedly intend to purchase approximately $20 million worth of shares.

Inari Medical, established in 2011, achieved revenues of $71 million in the 12 months ended March 31, 2020.

The company plans to list on the Nasdaq under the ticker symbol “NARI.” Bank of America and Morgan Stanley are serving as joint bookrunners for the transaction. The company expects to price the offering during the week of May 18, 2020.

Inari Medical’s products have been used to treat more than 8,500 patients in approximately 600 hospitals across the United States, with about 91% of cases receiving treatment since its commercial launch in the third quarter of last year. Starting in mid-March, the health crisis negatively impacted surgical volumes; however, despite the slowdown in growth, the company’s minimally invasive devices were used to treat approximately 2,400 patients in the first quarter of 2020, compared to 1,800 in the fourth quarter of 2019 and 600 in the first quarter of 2019.