- Sonendo Inc (NYSE:SONX), a medical device system for less-invasive root canal therapy, raised $94 million via an IPO by offering 7.8 million shares at $12, below the range of $15 to $17.
- At pricing, the Company commands a fully diluted market value of $340 million.
- The stock began trading today and opened at $9.00.
- Sonendo says GentleWave System is the first and only FDA-cleared system for root canal therapy.
- It uses a sterilized, single-use procedure instrument to treat tooth decay without removing tooth structure.
- The Company states that the GentleWave System can also improve the workflow and economics of dental practices.
- Sonendo began scaling commercialization of its current technology in 2017, and as of June 30, 2021, it had an installed base of over 700
- GentleWave Systems and has treated more than 600,000 patients.
- The Company has earmarked approximately $66.0 million to expand its commercial organization and increase our sales and marketing programs.
- See the offer prospectus here.
- Price Action: SONX shares are up 6.89% at $9.62 during the market session on the last check Friday.
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