Silk Road Medical Files for $159 Million Offering

August 8, 2019

Silk Road Medical recently filed the paperwork for a $159 Million public offering. The announcement comes not long after Silk Road raised $109 with its IPO in April of 2019.

The Sunnyvale, CA based company provides technology for the "TCAR procedure" which is intended to reduce the risk embolic debris entering the brain during interventional procedures related to the carotid artery. With the TCAR procedure, a small incision is made just above the collar bone to expose the common carotid artery. A soft, flexible sheath is placed directly into the carotid artery and connected to a system that will reverse the flow of blood away from the brain to protect against fragments of plaque that may come loose during the procedure. The blood is filtered and returned through a second sheath placed in the femoral vein in the patient’s thigh.

The company believes that there is aa market conversion opportunity greater than $1.0 billion based on the number of carotid revascularization procedures performed in 2018, It reports that n 2018, physicians performed over 4,500 TCAR procedures in the United States using Silk Road products. This represents approximately 1% of annual diagnoses of carotid artery disease in the United States.

The company reported that revenue increased from $14.3 million for the year ended December 31, 2017 to $34.6 million for the year ended December 31, 2018, representing growth of 142%. However, net losses were $19.4 million and $37.6 million for the years ended December 31, 2017 and December 31, 2018, respectively.

CP Wire

Submit an article to cafepharma's CP Wire. Click here to find out more.

current feelings about your job

Please rate how you feel about your job this moment. 1 = "I hate my job" and 7 = "I love my job"
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Fill in the blank.