Austin-based medical device company LDR Holding Corp. has raised the size of its planned follow-on stock offering from 900,000 shares to 1.3 million shares, according to a securities filing.
LDR Holding became a publicly traded company in October, raising $77.5 million after expenses through an initial public offering of stock.
In April, LDR Holding said that it would net $23.1 million by selling 900,000 shares at $27.90 a share.
The company did not say how much it would net by selling 1.3 million shares at up to $24.76 a share. Before expenses, the deal would generate up to $32.1 million.
LDR Holding plans to use the net proceeds from the offering to expand its sales and marketing efforts and invest in research and development, as well as potentially acquiring or investing in outside products, technology or businesses, according to securities filings.
Existing shareholders expect to sell 2.5 million shares of common stock in the offering, while underwriters have the option to purchase an additional 572,550 shares, according to securities filings.
LDR Holding designs and sells surgical technologies to treat spinal disorders, with specialized technology for the lumbar and cervical areas.
Last year, LDR Holding received approval from the U.S. Food and Drug Administration for its Mobi-C cervical disc replacement device, which the company says is the first such device to receive FDA approval to treat both one-level and two-level cervical disease.
The Mobi-C device is implanted without the use of screws, allowing for surgery that is simplified and more bone-sparing, as compared to current cervical-disc replacement devices.
The company was founded in 2000 as LDR Medical in France, where it made artificial discs for spinal surgeries. It opened an office in Austin in 2004 called LDR Spine.
It consolidated the two businesses in 2006 into LDR Holding Corp., which is headquartered in Austin.
LDR Holding sells its devices in 25 countries and has offices in Germany, Spain, China, South Korea and Brazil.
For 2013, LDR Holding had revenue of $111.6 million, and had a net loss of $27.9 million, according to securities filings.
LDR sells its devices in 25 countries and has offices in Germany, Spain, China, South Korea and Brazil.
LDR Holding's stock closed up 2.31 percent Monday at $25.28.
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