Vexim goes public, but falls short of €17.5m target
This article was originally published in Clinica
French kyphoplasty firm Vexim has raised €11m ($14.5m) in an initial public offering on the NYSE Alternext stock exchange in Paris. The total falls short of the €17.45m that the company said it was hoping to raise last month (www.clinica.co.uk, 16 April 2012), but nonetheless could be another indication that the medtech IPO market is picking up after a sluggish few years. Vexim issued 1.15 million new shares priced at €9.50 each; market capitalisation stood at €31.6m on the day of listing. The company's lead product is its SpineJack spinal implant, which is used during kyphoplasty procedures. It has been available outside the US since March 2010, but is not yet FDA approved. Earlier this year, Vexim appointed a new CEO, Vincent Gardés, as it aims to ramp up international sales of SpineJack (www.clinica.co.uk, 4 January 2012).