Amedica Seeks $35 Million in IPO

Amedica Corporation plans to raise $35 million in the company’s initial public offering (IPO).

According to nasdaq.com, the announcement was made on January 29, 2014. The Salt Lake City, Utah-based maker of medical devices using its silicon nitride technology platform plans to offer 3.2 million shares at a price range of $10 to $12. At $11 per share, Amedica would command a fully diluted market value of $143 million. The planned NASDAQ symbol is AMDA.

The company reportedly booked $23 million in sales for the 12 months ended September 30, 2013. The initial Securities Exchange Commission (SEC) filing was done confidentially on September 23, 2013 and filed publicly on November 8, 2013. It wasn’t the first attempt to go public, as the company previously filed for an IPO in May 2007, before withdrawing the offering three months later based on market conditions. JPM Securities is reportedly the sole bookrunner on the deal.

The company’s products are aimed at the orthopedic and spinal markets. The company makes interbody devices used in spinal fusion procedures; their semi-radiolucent silicon nitride material is designed to promote bone growth and help prevent infection.

Over the last few months, the company signed an agreement with Kyocera Industrial Ceramics Corporation for the commercial manufacturing of silicon nitride medical devices and a partnership with K2M, Inc. to expand the distribution of interbody spinal fusion devices in Europe.

Amedica is privately owned and was founded in 1996. The company operates an ISO 13485 certified manufacturing facility, and, its spine products are FDA cleared, CE marked, and are currently marketed in the U.S. and select markets in Europe and South America.