Silk Road Medical, manufacturers of a stent and neuroprotection system designed to restore blood flow in the carotid arteries and prevent strokes, announced plans for an $86.25 million IPO on the Nasdaq, under the ticker symbol SILK.
The Sunnyvale, California-based company plans to use the proceeds to expand its sales force and commercial operations in the U.S. and internationally, as well as increase its R&D activities and conduct new clinical studies, according to its prospectus filed with the SEC. The financial terms of the offering were not disclosed.
Silk Road first began selling its products in the U.S. in 2015. Designed for transcarotid artery revascularization, or TCAR procedures, the minimally invasive system redirects carotid blood flow away from the brain to protect it from stray pieces of plaque that may break loose during the placement of a stent or balloon angioplasty. The blood is instead shunted through a filtration system before being returned to the body through the femoral vein in the patient’s thigh.
By completely reversing the blood flow in the artery and filtering it outside the body, compared to strainers placed entirely within the artery, Silk Road says it's able to stop smaller pieces of debris from reaching the brain and causing damage.
The company brought in $34.6 million in 2018, a 142% increase compared to its $14.3 million in revenue the year before. Its stent and neuroprotection system have also received a CE mark, and Silk Road said it plans to pursue additional regulatory clearances in China, Japan and other markets in the future.
Silk Road raised $47 million in July 2017 to help boost commercialization of its devices—with funds from Norwest Venture Partners and Janus Capital Management, as well as Warburg Pincus, The Vertical Group and CRG—less than two years after netting $57 million in venture capital financing.