Silk Road Medical Looks Upward – Raises IPO Target to $138 Million

April 3, 2019

Just a month ago, Silk Road filed for its IPO with an expected maximum of $86 million. The company just amended the filing with a new expected maximum of $138 million. The company intends to trade under the symbol, “SILK”.

The Sunnyvale, CA based company has introduced 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's prospectus says that more than 4,600 TCAR procedures were performed in 2018. At the end of 2018, more than 7,550 TCAR procedures had been performed globally. The company believes that there are more than 4.3 million people in the US alone with carotid artery disease.

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