Shockwave Medical could raise $75 million in its initial public offering. Earlier this week, the Santa Clara, CA-based company priced the offering and said it plans to sell five million shares for between $14 and $16 in the IPO.
Shockwave Medical is developing a technology that uses pressure from sonic waves to treat calcium deposits in the circulatory system. The treatment enables arteries to expand under low pressure and become more compliant.
The company has secured regulatory nods for its technologies but is working on gaining approvals for the treatment of coronary artery disease (CAD).
“We are undertaking ongoing clinical trials of our C2 catheter intended to support a PMA in the U.S. and a Shonin submission in Japan for the treatment of CAD,” Shockwave Medical said in a prospectus filing. “We anticipate having final data from these ongoing clinical trials intended to support a U.S. launch of our C2 catheter in the first half of 2021 and a Japan launch in the second half of 2021.”
The company said it plans to trade on the Nasdaq with the symbol of "SWAV."
News of the IPO follows Abiomed investing $15 million in Shockwave Medical. In addition, the Danvers, MA-based company said it would work with Shockwave on a training and education program in the U.S. and Germany focused on the benefits of complementary use of their respective technologies.