Aziyo Biologics Inc share price slumped 14.71% on its first day of trading on October 8, 2020 and closed at $14.50, giving the company a market cap of approximately $148 million.
The commercial-stage regenerative medicine company raised $50 million by offering 2.9 million ADSs at $17, within the proposed range of $16 to $18.
The company has developed a portfolio of advanced regenerative medical products that are designed to be very similar to natural biological material. Its proprietary products are designed to address the implantable electronic device/cardiovascular, orthopedic/spinal repair and soft tissue reconstruction.
The Silver Spring, Maryland-based company was founded in 2015 and booked $42 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq Global Market under the symbol “AZYO.” Piper Sandler, Cowen, Cantor Fitzgerald and Truist Securities are underwriters of the IPO.
The company engages Latham & Watkins LLP as US Securities Counsel, and PricewaterhouseCoopers LLP as Independent Auditor.
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