Durham medical technology start-up Bioventus expects to raise $182.6 million in an initial stock offering by pricing 8.8 million shares at $17 each, the company said in a public filing Tuesday.
The company told the Securities and Exchange Commission that it expects to net $135.6 million after fees and expenses, but could raise $156.5 million if underwriters exercise their option to buy additional Bioventus shares. The $17 offering price is the midpoint of the $16 to $18 range Bioventus suggested for its initial public offering price.
Tuesday’s filing lends additional details on the company’s IPO registration filed in late June. In that filing, Bioventus said it expected to raise $150 million and would use the proceeds to pay off debt and promissory notes.
Founded in May 2012, Bioventus develops and markets treatments that enhance the body’s natural healing process in patients with musculoskeletal conditions. Bioventus’ treatments include injections for fracture healing and bone graft substitutes.
Bioventus markets and sells products in the United States and 29 other countries. The company reported $253.7 million in revenue in 2015, and lost $34.1 million last year.
For the quarter ending July 2, Bioventus expects sales between $69.6 million and $72.5 million. The company estimates it will post a net loss between $700,000 and $1.9 million, compared to a quarterly net loss of $4.1 million a year ago.