Vivos Stock Soars as Much as 140% in IPO - Barron's

Vivos’ devices are meant to help the body to reshape and redevelop the airways.

Courtesy Vivos Therapeutics

Shares of Vivos Therapeutics, a medical-technology company, more than doubled in their first day of trading.

Shares opened at $6.80 and surged 140% to hit a high of $14.41. The stock closed Friday at $8.99, up nearly 50%.

“We’re thrilled with the way the stock is performing in the marketplace,” said Vivos CEO R. Kirk Huntsman. “We look forward to many more days like this. This is great.”

Late Thursday, Vivos (ticker: VVOS) sold 3.5 million shares at $6 each, raising $21 million. This is up from the 3,333,334 shares at $5 to $7 each Vivos had planned to sell. Roth Capital Partners is lead underwriter on the deal.

Launched in 2016, Vivos develops products to treat sleep breathing disorders like obstructive sleep apnea, or OSA. Nearly one billion people suffer from sleep apnea globally.

The company had raised about $18 million in funding before the IPO, Huntsman said. Vivos products include the Daytime Nighttime Appliance, or DNA, and the Mandibular Repositioning Nighttime Appliance, or mRNA. Both were created by Dr. G. Dave Singh, Vivos’ founder, who is also the company’s chief medical officer. The Food and Drug Administration has approved the mRNA to treat OSA, a spokeswoman said.

The DNA appliance looks like a retainer and is worn at night and while sleeping. The mRNA, which is also inserted in the mouth, is also worn at night and holds the jaw forward during sleep and temporarily keeps the airways clear. The oral appliances allow the body to reshape and redevelop the airways, Huntsman said. Patients get the products from a dentist and wear them for 12 to 24 months, he said.

Vivos has treated more than 15,000 patients over the last decade, with the products meant to be a permanent solution for sleep apnea, Huntsman said.

Vivos products are an alternative to current treatments for sleep apnea, which includes using a CPAP machine every night or surgical intervention. CPAP users must wear the device for the rest of their lives, Huntsman said. “With us, you go into treatment and 12 to 24 months later you are done,” he said. “It’s really a breakthrough.”

Huntsman should know. He has been using the DNA appliance for 14 months to treat OSA. “I wear it every night. If I forget, my wife reminds me,” he said.

Vivos isn’t profitable. The company reported $5.8 million in losses for the nine months ended Sept. 30, compared with $8.1 million in losses for the same time in 2019. Revenue rose to $9.8 million for the ninth months ended Sept. 30, from $8.3 million for the same time in 2019, a prospectus said. It employs about 100 people.

Huntsman said he plans to use the IPO proceeds to increase Vivos’ sales and marketing in the U.S. and Canada. “Our head count will be in the 130 to 150 range by this time next year,” he said.

Write to Luisa Beltran at luisa.beltran@dowjones.com

Let's block ads! (Why?)

"much" - Google News
December 12, 2020 at 05:23AM
https://ift.tt/3qOfjNM

Vivos Stock Soars as Much as 140% in IPO - Barron's
"much" - Google News
https://ift.tt/37eLLij
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini