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Investing.com -- Picard Medical Inc. (NYSE:PMI) stock rose in its market debut Thursday, opening at $4.21 per share, 5.25% above its initial public offering price of $4.00.
The medical technology company, which manufactures the only FDA-approved total artificial heart, priced its IPO at $4.00 per share, raising $17 million in gross proceeds before deducting underwriting discounts and offering expenses. The offering consisted of 4,250,000 shares of common stock.
Trading began on the NYSE American exchange under the ticker symbol "PMI." The company has granted underwriters a 30-day option to purchase up to an additional 637,500 shares at the public offering price to cover potential over-allotments.
Picard Medical plans to use the proceeds to support several strategic initiatives, including market expansion through its joint venture in China, SynCardia Medical (Beijing), Inc. Funds will also be allocated toward product research and development activities for its Emperor system, a fully implantable, driverless version of the SynCardia Total Artificial Heart (STAH), and next-generation portable driver systems.
Additional proceeds will go toward building sales, marketing, and distribution capabilities for the STAH system, including inventory expansion and an increased base of drivers. The company also intends to repay debt and cover general operational expenses and working capital.
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