Tenon Medical sets additional terms for proposed $20M IPO

By Val Kennedy,

 

 

Medical device maker Tenon Medical (TNON) has set additional terms for its proposed $20M initial public offering.

The orthopedic device developer plans to offer 4M shares priced between $4.50 and $5.50. If priced at $5 per share, the deal would raise around $20M.

The company has applied to list its shares on Nasdaq under the symbol TNON. The Benchmark Company and Valuable Capital Limited are serving as lead bookrunners.

Tenon has developed a surgical implant system called The Catamaran for treatment of lower back pain associated with the sacroiliac joint. A full launch of the system, which has been approved by the US Food and Drug Administration, is slated for Q1 2022.

For 2021, Tenon reported a net loss of $7.1M on revenue of $160k.

Tenon said it plans to use proceeds from the deal to support the commercial launch of The Catamaran System, product development and other corporate purposes.

Source : https://seekingalpha.com/news/3822108-tenon-medical-sets-additional-terms-for-proposed-20m-ipo

The post Tenon Medical sets additional terms for proposed $20M IPO appeared first on Pre IPO Swap.

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