Concentric files for $69m IPO (initial public offering):
This article was originally published in Clinica
Executive Summary
Blood clot removal technology specialist Concentric Medical is looking to boost sales and marketing of its Merci retrieval system with proceeds from an initial public offering of common stock. The Mountain View, California-based company aims to raise $69m in the offering, $30m of which will be spent on commercialising its key product. The remainder will be used for R&D, regulatory activities and general corporate purposes. Merci is a minimally-invasive, catheter-based system, designed to restore blood flow in large vessel ischemic stroke patients and help minimise injury to the brain. According to Concentric, Merci was effective in restoring blood flow to 55% of ischemic stroke patients in a recent trial.
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