Minerva Surgical, which makes minimally invasive devices to treat abnormal uterine bleeding, raised $75 million by offering 6.3 million shares at $12, below the range of $15 to $17.
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.
Minerva Surgical plans to list on the Nasdaq under the symbol UTRS. J.P. Morgan, Piper Sandler, UBS Investment Bank, and SVB Leerink acted as joint bookrunners on the deal.
