Tivic Health Systems has set pricing guidelines for its initial public offering of shares in the $ 5 to $ 6 per share range, according to filings with the U.S. Securities and Exchange Commission.
Menlo Park, a California-based medical device maker, is offering 2.72million shares and hopes to raise up to $ 15million (£ 10.9million). ThinkEquity boutique investment bank acts as the sole underwriter for the equity offering.
In July, Tivic raised $ 8 million in a funding round, the company reported. The funding round included investments from private equity firms Sand Hill Angels, Astia Angels, Golden Seeds, HBS Angels, Sierra Angels, Lateral Capital and Skylight Investments.
Tivic has obtained FDA approval for its non-invasive nasal congestion and sinus pain device, ClearUp, and part of the proceeds of the offering will be used to develop the next-generation device at a higher level. large scale of production.
The next generation
“ClearUp Gen 2 is a design modification of the ClearUp device,” the company said in its modified S-1 classification. Tivic expects next-generation ClearUp to gain regulatory approval from the US and EU, but warns that it may be forced to “cease distribution of (its) products” if the modified version was not covered by existing regulatory authorizations.
Tivic Health Systems reported a loss of $ 2.45 million in the first half of 2021, or a loss of $ 1.04 per share, on revenue of $ 547,000. For the full year 2020, Tivic lost $ 6.63 million, or $ 1.58 per share, on revenue of $ 860,000.
ThinkEquity declined to comment for this article.
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