Cardiva Medical, which makes minimally invasive catheter-based vascular closure devices, withdrew its plans for an initial public offering on Friday. It was announced last month that the company would be acquired by Haemonetics (NYSE: HAE) for $510 million. It originally filed in January 2021 with a proposed deal size of $75 million.
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.
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 had planned to list on the NYSE under the symbol CARD. J.P. Morgan, BofA Securities, Canaccord Genuity, and Stifel were set to be the joint bookrunners on the deal.
