TransMedics Raises $105 Million in IPO to Advance Organ Care System That Extends Ex Vivo Preservation Time for Transplant Organs

Recently, VCBeat (WeChat official account: vcbeat) learned that TransMedics (NASDAQ: TMDX) completed a $105 million initial public offering (IPO). The company issued nearly 5.7 million shares at $16 per share. The IPO also included an option for underwriters to purchase an additional 854,000 shares, bringing the total gross proceeds to $104.7 million (before deducting underwriting commissions and other offering expenses).

Morgan Stanley and J.P. Morgan served as joint book-running managers for this offering, while Cowen and Canaccord Genuity served as joint managers.

It is reported that since its establishment in 1998, TransMedics has raised a total of $259 million across 13 funding rounds. Its two most recent financings, completed in May and July 2016, amounted to $51.2 million and $12.5 million, respectively.

TransMedics Group, Inc., incorporated in Delaware in August 1998, is a medical technology company that provides transformative organ transplant therapies for patients with end-stage organ failure due to various disease states. The company’s Organ Care System (OCS) replaces the decades-old standard of care; OCS technology replicates the physiological environment of organs within the human body, whereas the previous standard of care severely limited access to life-saving transplant treatments for hundreds of thousands of patients worldwide. Thus, OCS represents a technological shift, transforming the preservation environment for transplanted organs from static to dynamic.

The Organ Care System (OCS) is an innovative technology and multi-organ platform that improves outcomes for transplant patients and increases the global supply of transplantable organs. OCS is the only portable preservation technology capable of replicating the active physiological conditions of organs within the human body, thereby addressing the limitations of cold storage techniques.

Previously, donor hearts had to be transplanted into recipients within four hours of retrieval, as they could only survive for that duration under traditional cold storage conditions. TransMedics’ “Organ Care System” adopts a novel concept that enables the transport of donor hearts in a sterile environment, thereby extending their ex vivo survival time to 12 hours.

OCS Lung has received FDA approval and CE marking; OCS Heart has obtained CE marking and is currently under FDA review; and OCS Liver has secured CE marking. These three products are in commercial or research use at major transplant centers in the United States, Europe, Australia, and Canada.

(Compiled by Song Chenchen)