2013 marked a bleak year for med tech IPOs, with only four device companies making their market debut. But the backward trend could be on the upswing, as companies are cashing in their chips with plans to go public.
First out of the gates is Belgian 3-D printing outfit Materialise, which recently announced that it would hit Nasdaq during the week of June 23 with a $104 million offering. The company hopes to sell 8 million shares with a proposed price range of $12 to $14 and will use funds to expand its 3-D printing center capacity and to boost its sales, marketing and R&D efforts.
Molecular diagnostic company CareDx is looking for a turnaround with its $50 million IPO. The company plans to use proceeds to expand marketing for its AlloMap blood-based test and develop its diagnostic technology to monitor heart and kidney transplant patients.
Smaller device outfits are also contemplating IPOs to support product development. Florida-based devicemaker iRadimed is eyeing a $12 million initial public offering to boost sales, marketing and R&D for its MRI-friendly infusion pumps. The company has yet to confirm pricing but will trade on the Nasdaq as "IRMD."
Orthocell, a regenerative medicine company with an implantable collagen device, hopes to join the IPO parade by floating on the Australian Securities Exchange (ASX) on July 16. The company will offer 20 million shares at 40 cents each to raise up to $8 million.
Meanwhile, larger med tech outfits are reviving plans to go public. In May, CardioDx announced that it would test the waters again after abandoning plans to go public in November and list on the Nasdaq under the symbol "CDX." While no terms were made available, the company hopes new leadership and more favorable market conditions will generate much-needed funds.
- here's The Wall Street Journal's take (sub. req.)
- get more from MassDevice
- here's CareDx's SEC filing