Ellipse Technologies has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). No terms were given in the filing, but the offering is valued up to $75 million. The company intends to list on the Nasdaq Global Market under the symbol MGEC.
The underwriters for the offering are Piper Jaffray, William Blair, Canaccord Genuity and Oppenheimer.
This medical technology company is focused on revolutionizing orthopedic surgery by developing and marketing a new generation of magnetically adjustable implant systems based on its MAGnetic External Control (MAGEC) technology platform. The novel and proprietary implants are adjustable at the time of implantation and non-invasively over the course of treatment to accommodate the changing clinical needs of patients as they heal, grow or age.
MAGEC technology enables physicians to customize therapy for patients while reducing the need for multiple repeat surgical procedures, which provides significant improvements in patient clinical outcomes and quality of life while generating significant cost savings to the health care system. The company has commercialized two highly differentiated product families: MAGEC-EOS spinal bracing and distraction system for treatment of early onset scoliosis and PRECICE limb lengthening system (LLD) for treatment of limb length discrepancy. These products incorporate MAGEC technology and have been used to treat over 4,000 patients worldwide.
The company estimates the global addressable market opportunity for its commercial products was approximately $1.2 billion in 2014, based on data from Life Science Intelligence, which included addressable markets of approximately $571 million for MAGEC-EOS system and approximately $708 million for PRECICE LLD system. Additionally, the product candidates leveraging its MAGEC technology addressed a significant global opportunity of over 690,000 procedures in 2014, according to this data.
Ellipse intends to use the net proceeds from this offering to expand its sales and marking programs, fund research and development, repay debts and for working capital and general corporate purposes.
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