Minerva Surgical, which makes minimally invasive devices to treat abnormal uterine bleeding, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
Minerva is a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions for uterine healthcare. The company has established a broad product line of commercially available, minimally invasive alternatives to hysterectomy, which are designed to address the most common causes of abnormal uterine bleeding (AUB) in most uterine anatomies. Minerva markets and sells its products through a direct sales force in the US, and its target customer base includes approximately 19,000 OB/GYNs practicing in hospital, ASCs, and physician offices.
The Santa Clara, CA-based company was founded in 2008 and booked $52 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol UTRS. Minerva Surgical filed confidentially on July 23, 2021. J.P. Morgan, Piper Sandler, UBS Investment Bank, and SVB Leerink are the joint bookrunners on the deal. No pricing terms were disclosed.
