TriVascular Technologies to target $13-$15 per share as IPO terms become clear

TriVascular's Ovation system--Courtesy of TriVascular

TriVascular Techologies is setting the terms for its planned IPO, and the California maker of stent grafts to treat abdominal aortic aneurysms aims for a fairly robust debut.

As Renaissance Capital reported, the company is shooting to raise approximately $91 million through the sale of 6.5 million shares priced at $13 to $15 a piece. Underwriters will have the option to purchase an additional 975,000 shares, however, according to TriVascular's revised regulatory filing.

TriVascular, founded initially in 1998, plans to trade on Nasdaq under the symbol "TRIV." The company raised $40 million in new equity financing just last November from investors including New Enterprise Associates, Delphi Ventures and Kaiser Permanente Ventures. That funding infusion will help expand marketing efforts for the company's Ovation and Ovation Prime products--both FDA-approved, minimally invasive stent grafts designed to treat abdominal aortic aneurysms.

Overall, TriVascular has raised about $200 million to date.

TriVascular's IPO plans, announced earlier in March, come as biotech IPO filings continue at the steady pace begun last fall, and med tech IPOs spring up slowly but steadily. In March, for example, Lombard Medical announced IPO plans that appear set to raise $60 million, with the sale of 2.6 million shares priced between $15 and $18. The company makes an aortic repair device known as the Aorfix stent. Ariosa Diagnostics announced plans in late March to pursue an IPO worth as much as $69 million, a move that will help it accelerate commercialization efforts for its Harmony prenatal genetic test.

- read more from Renaissance Capital
- check out the company's amended S-1 filing

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