Vapotherm Inc, which provides noninvasive breathing aids to treat respiratory distress, raised $56 million by offering 4 million shares at $14. The stock started trading on the New York Stock Exchange Wednesday, under the ticker symbol “VAPO”.
BofA Merrill Lynch and William Blair were bookrunners on the deal with Canaccord and BTIG acting as co-managers. Proceeds of the deal will be used to fund marketing, research and development and for the catchall general corporate purposes.
Shares of Vapotherm surged +14.29% in their trading debut Wednesday, amid challenging market sentiments.
About Vapotherm Inc
Vapotherm Inc (NYSE:VAPO) is a global medical technology company focused on the development and commercialization of its proprietary Hi-VNI Technology products that are used to treat patients of all ages suffering from respiratory distress. Its Hi-VNI Technology delivers noninvasive ventilatory support by providing heated, humidified and oxygenated air at a high velocity to patients through a comfortable small-bore nasal interface. The Precision Flow systems, which use Hi-VNI Technology, are clinically validated alternatives to, and address many limitations of, the current standard of care for the treatment of respiratory distress in a hospital setting. As of September 30, 2018, more than 1.5 million patients have been treated with thePrecision Flow systems, and the Company has a global installed base of over 13,000 capital units.