Med techs are looking to revive public market interest. Several IPOs priced during the first few months of the year--but there's been a lull lately. Custom joint replacement maker ConforMIS is readying an IPO to raise up to $172.5 million, while gastrointestinal endoscopy player EndoChoice has set terms to raise $100 million. Also, Palo Alto, CA-based, breast tissue expansion company AirXpander is starting an IPO to raise A$36.5 million (US $28.3 million) on the Australian Securities Exchange.
Gastrointestinal endoscopy player EndoChoice has filed with the SEC for a big IPO that's long been rumored to raise up to $115 million. Med tech players have been facing a mixed bag on Wall Street this year, as an uncommon number are making it onto the market but most have faced weak short-term returns. In addition, several med techs have been forced to withdraw proposed offerings as investor demand remains selective.
Biocartis has raised €100 million ($109 million) in an IPO that's also managed to trade up in recent days. The company could bring in up to €115 million ($126 million) if the bankers exercise their overallotment. That should be the case, since the IPO was highly oversubscribed--the company said it had more than €650 million ($710 million) in investor demand for the IPO.
The venture capital invested in med tech startups dipped below $500 million during the first quarter--for the first time since the fourth quarter of 2013, according to the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association based on data provided by Thomson Reuters.
Aduro Biotech is picking up in 2015 where it left off last year, riding momentum into an upsized $119 million IPO to fund its breakthrough pancreatic cancer immunotherapy combo CRS-207 and GVAX.
French medical diagnostics outfit Labco is inching closer to an IPO, filing plans to go public during the first half of 2015 to generate growth and expand its footprint in the field.
New York City's Anterios is developing ANT-1207, a lotion containing the active ingredient of Botox (marketed by recently acquired Allergan) that can be applied on the skin via a 10-minute massage. Anterios recently filed for a $58 million IPO with the Securities and Exchange Commission.
Microbial genetics analysis outfit OpGen set the terms for its previously announced IPO, planning to raise up to $35 million to support development of its gene tests for drug-resistant bacteria.
Fierce 15 member Infraredx backed out of its planned $56 million IPO, citing "unfavorable market conditions."
MultiVir, a developer of viral vectors to deliver anticancer gene therapy, just filed for a $70 million IPO with the Securities and Exchange Commission as it seeks funding for clinical trials of its Phase I/II lead candidates for colorectal cancer and head and neck cancer, and to take the first FDA-approved gene therapy to the market.