Obalon Therapeutics (OBLN) IPO Opens Modestly Higher
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Today's IPO for Obalon Therapeutics, Inc. (Nasdaq: OBLN) opened for trading at $15.21 after pricing 5,000,000 shares of its common stock at a price to the public of $15 per share, the middle of the expected $14-$16 range.
UBS Investment Bank, Canaccord Genuity and Stifel are acting as joint book-running managers for the offering. BTIG is acting as a co-manager.
Obalon Therapeutics is a commercial-stage medical device company focused on developing and commercializing innovative medical devices to treat obese and overweight people by facilitating weight loss. The company's initial product offering is the Obalon balloon system, the first swallowable, gas-filled intragastric balloon designed to provide progressive and sustained weight loss in obese patients. They recently received premarket approval, or PMA, from the U.S. Food and Drug Administration, or FDA, to market our balloon system for temporary use to facilitate weight loss in obese adults with a body mass index, or BMI, of 30 to 40, who have failed to lose weight through diet and exercise. The Obalon balloon system is intended to be used as an adjunct to a moderate intensity diet and behavior modification program. All balloons must be removed six months after the first balloon is placed. The Obalon balloon system has the potential to provide patients and physicians with a cost-effective, reversible and repeatable weight loss solution in an outpatient setting, without altering patient anatomy or requiring surgery. They anticipate commencing the U.S. commercial launch of our Obalon balloon system in early 2017.
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