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.