Austin medical device maker LDR Holding aims to raise $23 million with follow-on stock offering

Apr 14, 2014
Austin American Statesman

Austin-based medical device company LDR Holding Corp. is aiming to raise up to $23 million with a follow-on stock offering, according to documents filed Friday with the U.S. Securities and Exchange Commission

LDR Holding became a publicly traded company in October, when it raised a net of $77.5 million – after expenses — with an initial public offering of stock

The company said in Friday’s securities filings that it plans to offer 900,000 shares of common stock, which LDR Holding said would net it $23.1 million based on an assumed per share price of $27.90, which was the closing price on Thursday. Existing stockholders also expect to sell about 3.2 million shares of common stock in the offering, while underwriters will have the option to purchase an additional 612,900 shares, according to securities filings

LDR Holding plans to use the net proceeds from the offering to expand its sales and marketing efforts and invest in research and development, as well as potentially acquiring or investing in “complementary products, technologies or businesses,” according to securities filings

The company was founded in 2000 as LDR Medical in France, where it made artificial discs for spinal surgeries. It opened an office in Austin in 2004 called LDR Spine. It consolidated the two businesses in 2006 into LDR Holding Corp., which is headquartered in Austin

Print Article opens in new window