Medical device company TranS1 (NASDAQ:TSON), which focuses on devices that treat degenerative spinal conditions, has raised about $18.3 million in net proceeds from a stock offering intended to finance clinical trials.
The Wilmington, North Carolina-based company priced the stock offering of 6.2 million shares last week. The stock offering follows the May filing of a shelf registration statement in which TranS1 said it could seek to raise up to $50 million at some point in the future. TranS1 closed its stock offering today with its offering priced at $3.25 per share.
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Piper Jaffray & Co. acted as the sole book-running manager for the offering and Canaccord Genuity acted as co-manager. TranS1 granted to its underwriters a 30-day option to purchase an additional 930,000 shares of stock to cover any over allotments.
TranS1’s surgical devices address degenerative conditions of the spine affecting the lower lumbar region. TranS1 received 510(k) clearance from the U.S. Food and Drug Administration in 2004 for its first product, which launched commercially in 2005. U.S. and European regulators have since granted regulatory clearance on additional TranS1 products. But insurance reimbursement remains a hurdle for the company. TranS1 said in securities filings that its medical devices are in a category considered “investigational” or “experimental,” which may not be reimbursed by insurance.