Treace Medical Concepts, which makes a medical device system for the treatment of bunions, raised $191 million by offering 11.3 million shares (44% secondary) at $17, the high end of the range of $15 to $17. The selling shareholders sold 1.9 million more secondary shares than anticipated. At pricing, the company commands a fully diluted market value of $995 million.
Treace Medical Concepts is a commercial-stage orthopedic medical device company targeting the surgical treatment of bunions. The company's proprietary Lapiplasty 3D Bunion Correction System is a combination of novel instruments, implants, and surgical methods designed to improve the traditional approaches to bunion surgery. More than 25,000 Lapiplasty Procedures have been performed in the US since 2015, when the Lapiplasty System received 510(k) clearance.
Treace Medical Concepts plans to list on the Nasdaq under the symbol TMCI. J.P. Morgan, Morgan Stanley, SVB Leerink and Stifel acted as lead managers on the deal.
