Samsara Vision downsizes proposed IPO by 40% to $15M

Ophthalmic device maker Samsara Vision (NASDAQ:SMSA) has downsized its proposed initial public offering by 40% to $15M.

According to a filing, Samsara Vision now plans to offer 2.5M shares priced between $5 and $7 per share. If priced at the midpoint of that range at $6 per share, Samsara would raise approximately $15M.

Samsara Vision, formerly known as VisionCare, said it expects the deal to generate net proceeds of around $13M if priced at $6 and without the underwriters’ option being exercised. If the option is exercised in full, it anticipates net proceeds of approximately $15M.

The company filed in early January to offer 4.2M shares priced between $5 to $7 per share. If priced at $6 per share, the deal would’ve raised around $25M.

Based in New Jersey, Samsara Vision develops medical devices to treat serious retinal disorders. The company already markets an implantable lens product called WA IMT to treat age-related macular degeneration, a leading cause of blindness in the elderly. The company is also working on a next-generation device for the condition called SING IMT.

Think Equity is serving as bookrunner on the deal. Samsara Vision plans to list its shares on Nasdaq under the symbol SMSA.

Samsara Vision had been expected to go public in late January, but decided to postpone, according to a Renaissance Capital report at the time.

For a more in-depth look at Samsara Vision, check out SA contributor Avisol Capital Partners’ “Samsara Vision: Developing Implantable Miniature Telescopes for Late-Stage AMD Patients”.

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