Picard Medical, Inc. has announced the pricing of its initial public offering (IPO) totaling $17 million with a public offering price of $4.00 per share.
The IPO includes 4,250,000 shares of common stock, with plans to list on the NYSE American under the ticker symbol 'PMI'.
Proceeds from the Offering will support market expansion, product research and development, sales and marketing capabilities, debt repayment, and general operational expenses.
Total Artificial Heart Technology
Picard Medical manufactures and sells the SynCardia Total Artificial Heart, the only artificial heart approved by the FDA and Health Canada, with over 2,100 implants globally.
Firm Commitment Basis
The Offering is conducted on a firm commitment basis with WestPark Capital, Inc. as the Lead Manager and Sole Bookrunner, supported by other financial advisors and legal counsels.
Market Expansion in China
Proceeds from the Offering will be used for market expansion in China through the joint venture SynCardia Medical (Beijing), Inc. and research activities for next-generation products.
- The IPO marks a significant milestone for Picard Medical, enabling the company to fund strategic initiatives and enhance its presence in the medical technology market.
- With the approval to list on the NYSE American, Picard Medical is set to gain visibility among investors and expand its shareholder base, supporting future growth and development.
- The planned usage of proceeds reflects a clear focus on innovation, market expansion, and strengthening operational capabilities to drive long-term value creation for shareholders.
Picard Medical's successful pricing of the IPO highlights investor confidence in its innovative medical technology offerings and growth potential. The strategic allocation of proceeds underscores a clear roadmap for future expansion and development in the healthcare industry.