Mako misses predicted price range with IPO
This article was originally published in Clinica
Mako Surgical, a manufacturer of minimally-invasive knee implants, has launched on the Nasdaq Stock Exchange at a lesser price than it had originally expected. Mako debuted on the Nasdaq at $10 per share on February 13, a considerable mark-down from the original $14-16 price range it had set the offering at in an SEC filing in September last year (see Clinica No 1275, p 15). With the lowered IPO pricing, the Fort Lauderdale, Florida-based company expects to net $47.1m in proceeds, compared to the previously anticipated $68.4m. It said it expects to use approximately $14-20m on the expansion of its sales and marketing activities, around $12-18m on R&D and a $4m payment to IBM, a requirement of the IPO under the terms of a licensing agreement between the two firms. By the end of its first week of trading, Mako shares had dropped by 3% to $9.72 per share. The company produces Makoplasty technology to help surgeons treat patient-specific, early- to mid-stage osteoarthritic knee disease.
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