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8 March, 2019

Ally Bridge Portfolio News – ShockWave Medical prices upsized IPO above the range at $17

SANTA CLARA, Calif., March 06, 2019 (GLOBE NEWSWIRE) — ShockWave Medical, Inc. (“ShockWave”) today announced the pricing of its initial public offering of 5,700,000 shares of its common stock at a price to the public of $17.00 per share. The shares are expected to begin trading on the Nasdaq Global Select Market on March 7, 2019, under the symbol “SWAV”.  All of the shares are being offered by ShockWave. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by ShockWave, are expected to be $96.9 million. The offering is scheduled to close on March 11, 2019, subject to the satisfaction of customary closing conditions. The underwriters for the offering also have a 30-day option to purchase up to an additional 855,000 shares of ShockWave’s common stock at the price to the public, less underwriting discounts and commissions.

Morgan Stanley and BofA Merrill Lynch are acting as joint lead book-running managers for the offering. Wells Fargo Securities and Canaccord Genuity are acting as co-managers for the offering. Perella Weinberg Partners is acting as independent capital markets advisor to ShockWave for the offering.

In addition to the shares being sold in the initial public offering, ShockWave also announced today that it has agreed to sell an additional 588,235 shares of its common stock in a concurrent private placement at $17.00 per share to one of its existing investors, Abiomed, Inc., that exercised its option to purchase shares of common stock. The sale of these shares will not be registered under the Securities Act of 1933, as amended. The closing of ShockWave’s initial public offering is not conditioned upon the closing of the concurrent private placement. The concurrent private placement is also scheduled to close on March 11, 2019, subject to the satisfaction of customary closing conditions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.

About ShockWave Medical, Inc. 
ShockWave Medical is a medical device company focused on developing and commercializing products intended to transform the way calcified cardiovascular disease is treated. ShockWave Medical aims to establish a new standard of care for medical device treatment of atherosclerotic cardiovascular disease through its differentiated and proprietary local delivery of sonic pressure waves for the treatment of calcified plaque.

Ally Bridge Group has been a long-term supporter and investor (Series B in 2015 and Series C in 2016) in ShockWave Medical.

 

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