Tenon Medical, which is launching a surgical implant system for sacroiliac joint fusion procedures, announced terms for its IPO on Thursday.
The Los Gatos, CA-based company plans to raise $20 million by offering 4 million shares at a price range of $4.50 to $5.50. At the midpoint of the proposed range, Tenon Medical would command a market cap of $60 million.
Tenon has developed a proprietary, FDA cleared surgical implant system designed to optimize sacroiliac joint (SI joint) fixation and fusion surgery and corresponding outcomes. The company is preparing a national commercial launch of this system, The CATAMARAN SIJ Fusion System (The CATAMARAN System). The CATAMARAN System includes instruments and implants designed to prepare and fixate the SI joint for fusion.
Tenon Medical was founded in 2012 and plans to list on the Nasdaq under the symbol TNON. The Benchmark Company and Valuable Capital are the joint bookrunners on the deal.
