Amedica, which develops and sells medical devices using its silicon nitride technology platform, lowered the proposed deal size for its upcoming IPO on Wednesday. The Salt Lake City, UT-based company now plans to raise $32 million by offering 3.5 million shares at a price range of $8 to $10. The company had previously filed to offer 3.2 million shares at a range of $10 to $12. At the low end of the revised range, Amedica would raise 20% fewer proceeds than previously anticipated.
Amedica, which was founded in 1996 and booked $23 million in sales for the 12 months ended September 30, 2013, plans to list on the NASDAQ under the symbol AMDA. Amedica initially filed confidentially on September 23, 2013. JMP Securities is the sole bookrunner on the deal. It is expected to price during the week of February 10, 2014.
