vVardis Holding, which sells proprietary non-invasive treatments for cavities, raised $175 million by offering 9.7 million shares at $18, below the $21 to $24 range. The company had planned to offer 8.3 million shares, after decreasing the deal from 9.5 million shares on 11/12.
Based in Switzerland, vVardis develops and sells Curodont, a peptide-based treatment for early-stage cavities that is applied in a dental office in five minutes or less, with no drilling or needles. Its US product, Curodont Repair Fluoride Plus, is marketed as an over-the-counter drug under an FDA monograph and generates the vast majority of revenue. A fluoride-free version, Curodont Repair, is sold as a medical device in the UK and parts of Europe.
The Zug, Switzerland-based company will trade on the NYSE under the symbol VVVV. Goldman Sachs, J.P. Morgan, William Blair, UBS Investment Bank, and Deutsche Bank acted as joint bookrunners on the deal.
