TranS1 targets $80.5m from IPO
This article was originally published in Clinica
Minimally-invasive spinal surgery specialist TranS1 aims to raise $80.5m via flotation on the Nasdaq stock exchange. The Wilmington, North Carolina-based company, which filed for registration with the US Securities and Exchange Commission last week (July 24), plans to use the funds to further the development of its AxiaLIF (axial lumbar interbody fusion) product, as well as its disc replacement and prosthetic disc nucleus technologies. The company may also use some of the IPO proceeds to alleviate its financial shortcomings. TranS1 recorded a net loss of $9.5m for fiscal 2006, and in the first quarter of 2007, ending March 31, it lost $1.7m (an improvement of 7% on the same time period for the previous year).