Silk Road Medical Completes $120 Million IPO to Advance TCAR Technology for Stroke Prevention

Source:VCBeat 　2019-04-10                                                                A-A+

Author:Mailman 

Arterial Network learned that,2019Year4Month8Day, Medical Device CompanySilk Road MedicalAnnounced Completion on the Nasdaq Stock Market1.2hundred million USDIPOFinancing, far exceeding previous estimates8625million. These funds will be used to expand the sales force and business scale, intensify research efforts, and conduct new clinical trials.

2019Year3Month,Silk Road MedicalAnnounces Planned Issuance47010,000 shares, with an issue price of per share15USD to17U.S. dollars. J.P. Morgan Securities LLC (JP Morgan Securities LLC) and Bank of America (BofA Merrill Lynch) as joint bookrunners for this offering.BMO Capital MarketsandStifelServing as joint manager for this issuance.

4Month4Day,Silk Road MedicalOfficially listed on NASDAQ, with the stock ticker symbolSILK. Contrary to expectations, the company ultimately priced its shares at $ per share20Sold in US dollars600shares of common stock. On the day of its listing, the company’s stock rose80.9%, per share36.18US dollars. Furthermore,Silk Road MedicalGranted to the underwriters30Sky Option, can purchase up to90shares. If the underwriters purchase these shares, the company will additionally receive1800USD 10,000.4Month8Day,Silk Road MedicalCompletedIPOFinancing, the gross proceeds from the offering before deducting underwriters' commissions and offering expenses amounted to1.2hundred million USD. Currently, the company's market capitalization is approximately11100 million USD.

Silk Road MedicalGarnered widespread attention from investors following its market debut, U.S.IPOResearch CompanyIPOboutique.comwith1To5Grading criteriaIPOThe company undergoes rating,Silk Road MedicalRated as rare5Grade. The previous one was rated as5-gradeIPOThe company is still2012Listed in the yearFacebook。

To date,Silk Road MedicalCumulative completion of6round of financing, with total funding exceeding1.6hundred million U.S. dollars.2015In [year], the company completed a financing round led byCRGLead investor5700$10,000 in financing;2017In [year], the company completed a financing round led byNorwest Venture PartnersandJanus Capital ManagementLead investor4700$10,000Cround of financing.

Silk Road MedicalEstablished in2007year, headquartered in California, USA, is a medical device company dedicated to developing novel surgical devices for stroke prevention, including carotid artery blood flow reconstruction surgical devices (TCAR）。2018Year,Silk Road MedicalObtained3460USD 10,000 in revenue,2017Annual Income1430USD 10,000, an increase of142%。

Most strokes are caused by carotid artery stenosis, which prevents blood flow from reaching the brain. If carotid artery stenosis is not treated promptly, blockages may travel to the brain, significantly increasing the risk of stroke.Silk Road MedicalDevelopedTCARIt can minimize vascular injury while protecting the brain. The device is designed to surgically remove plaque obstructing the carotid arteries and implant stents to maintain unobstructed blood flow, thereby preventing stroke.

(Compiled by Jiao Yanli)

Note: Any data from interviews conducted by Arterial Network journalists in this article are provided and confirmed by the interviewees.

Original Title:Silk Road MedicalCompleted1.2$100 millionIPOFinancing for the Development of Novel Surgical Devices to Prevent Stroke

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