WILMINGTON - TranS1, a Wilmington-based medical device company focused on spine treatments, filed to raise as much as $80.5 million in an initial public offering of stock.

The company was founded in May 2000 and had 63 employees as of June 30, according to a filing submitted to the Securities and Exchange Commission on Tuesday. TranS1 has developed a less-invasive procedure to treat degenerative disc disease, which affects the lower back.

If the IPO is successful, TranS1 plans to use the money raised to pay for further testing and marketing of its products.