Inspire Medical prices up-sized $108m IPO

Inspire Medical Systems yesterday up-sized its initial public offering to $108 million, or some $124 million if the underwriters option is exercised in full. Maple Grove, Minn.-based Inspire, which spun out from Medtronic (NYSE:MDT) in 2007, makes devices for treating obstructive sleep apnea. The company had said it planned to issue 5 million shares at $14 to $16 apiece, which would have fetched $75 million at the midpoint. But in a regulatory filing yesterday, Inspire said it sold 6.75 million shares at $16 apiece and put an underwriters option on the table that’s worth another $16.2 million. Inspire, which posted net losses of -$17.5 million on sales of $28.6 million last year, plans to list on the New York Stock Exchange under the INSP symbol. The flotation is slated to price next week. The company developed a pacemaker-like system designed to stimulate nerves to keep airways open during sleep to treat obstructive sleep apnea. BofA Merrill Lynch and Goldman Sachs &Co are acting as underwriters for the offering, according to an SEC filing. In November 2016, Inspire Medical closed a $37.5 million Series F round. The post Inspire Medical prices up-sized $108m IPO appeared first on MassDevice.
Source: Mass Device - Category: Medical Devices Authors: Tags: Funding Roundup Initial Public Offering (IPO) Neuromodulation/Neurostimulation Respiratory Wall Street Beat Inspire Medical Systems Inc. Source Type: news

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