Inari Medical To Make U.S. Trading Debut On May 22

(RTTNews) - Irvine, California-based Inari Medical is slated to debut on the Nasdaq Global Select Market, under the symbol 'NARI', on May 22, 2020.

Inari Medical is a commercial-stage medical device company developing products to treat venous diseases.

The company was founded in 2013 as a spin-out of Inceptus Medical and is affiliated with Gilde Healthcare, Versant Ventures and U.S. Venture Partners.

Inari has offered to sell 7.33 million shares of its common stock in the offering, and has granted the underwriters an option for 30 days to purchase 1.10 million additional shares of common stock.

The initial public offering price is expected to be between $14 and $16 per share.

Underwriters of the IPO:

BofA Securities, Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Canaccord Genuity LLC

Products:

Inari Medical has developed two minimally invasive, catheter-based mechanical thrombectomy devices - ClotTriever for deep vein thrombosis and FlowTriever for pulmonary embolism.

Both Systems are 510(k) cleared by the U.S. FDA and have also received the CE mark.

Financial Numbers:

Inari's annual net loss in 2019 sharply narrowed to $1.2 million or $0.20 per share on revenue of $51.1 million. This compared with a net loss of $10.2 million or $2.01 per share and revenue of $6.83 million in 2018.