Inari Medical, a developer of products that treat patients suffering from venous diseases, has raised about $156 million for its IPO after pricing its over 8.2 million shares at about $19 per share. The stock began trading May 22, 2020 on the NASDAQ under the ticker symbol “NARI.” BofA Securities and Morgan Stanley are the lead underwriters. Inari’s pre-IPO backers included Versant Ventures and US Venture Partners.
IRVINE, Calif., May 21, 2020 (GLOBE NEWSWIRE) — Inari Medical, Inc. (NASDAQ: NARI) (“Inari”), a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases, today announced the pricing of its upsized initial public offering of 8,202,565 shares of its common stock at a public offering price of $19.00 per share, for total gross proceeds of approximately $156 million, before deducting underwriting discounts and commissions and offering expenses.
All of the shares are being offered and sold by Inari. In addition, Inari has granted the underwriters a 30-day option to purchase up to an additional 1,230,384 shares of common stock at the initial public offering price, less underwriting discounts and commissions. Inari’s common stock is expected to begin trading on the Nasdaq Global Select Market on May 22, 2020 under the symbol “NARI.” The offering is expected to close on May 27, 2020, subject to the satisfaction of customary closing conditions.
BofA Securities and Morgan Stanley are acting as joint lead bookrunning managers for the offering. Wells Fargo Securities and Canaccord Genuity are acting as co-managers.
A registration statement relating to the shares being sold in this offering was declared effective by the U.S. Securities and Exchange Commission on May 21, 2020. The offering is being made only by means of a prospectus, copies of which may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at firstname.lastname@example.org; and from Morgan Stanley, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department, or by email at email@example.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Inari Medical, Inc.
Inari Medical, Inc. is a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases.
Inari is focused on treating venous thromboembolism and improving the quality of life of patients suffering from this disease by safely and effectively removing blood clots. Inari has developed two minimally-invasive, novel catheter-based mechanical thrombectomy devices that are designed to remove large clots from large vessels and eliminate the need for thrombolytic drugs. The ClotTriever system is 510(k)-cleared by the FDA for thrombectomy in the peripheral vessels and is used to treat patients suffering from deep vein thrombosis. The FlowTriever system is 510(k)-cleared by the FDA for the treatment of pulmonary embolism.