Cardiva Medical, which makes minimally invasive catheter-based vascular closure devices, filed on Monday with the SEC to raise up to $75 million in an initial public offering.
Cardiva's devices are designed around an easy to use, catheter-based delivery system and the natural clot-inducing properties of collagen. The company states that its VASCADE device is the only marketed vascular closure device clinically proven to increase workflow efficiency and reduce access site complications, and that its VASCADE MVP device is the only marketed vascular closure device clinically proven and labeled to improve workflow. Since the launches of VASCADE in 2014 and VASCADE MVP in 2019, Cardiva has sold over 470,000 and 120,000 devices in the US through September 30, 2020, respectively.
The Santa Clara, CA-based company was founded in 2002 and booked $41 million in sales for the 12 months ended September 30, 2020. It plans to list on the NYSE under the symbol CARD. Cardiva Medical filed confidentially on February 10, 2020. J.P. Morgan, BofA Securities, Canaccord Genuity, and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.
