Trans1 Prices High IPO

Trans1 Inc., a Wilmington, N.C.-based developer of a surgical device for treating a degenerative disc disease affecting the lower lumbar region of the spine, raised $82.5 million in its IPO. The company priced 5.5 million common at $15 per share (above $12-$14 range), for an initial market cap of approximately $281.64 million. It will trade on the Nasdaq under ticker symbol TSON, while Lehman Brothers and Piper Jaffray served as co-lead underwriters. 


Trans1 had raised around $40 million in VC funding since 2000, from firms like Advanced Technology Ventures (19.5% pre-IPO stake), Delphi Ventures (16.3%), Cutlass Capital (15%), Sapient Capital (12%) and Thomas Weisel Healthcare Venture Partners (7.2%).