Officials from Plymouth-based Entellus Medical Inc. rang the closing bell at the Nasdaq Stock Market on Thursday to conclude a successful first day of trading as a public company.
The company, trading under the symbol ENTL, became the first Minnesota company to complete an initial public offering in 2015 when it priced its shares at $17 Wednesday night. Shares closed on Thursday at $22 per share, up 29.4 percent.
The company sold 4.6 million shares, raising about $78.3 million.
The offering was better than expected. In documents filed earlier this week with the Securities and Exchange Commission, the company was anticipating selling shares at $16 per share and raising $62.6 million to $72.4 million.
The company's Xpress family of products are used by ear, nose and throat doctors to treat chronic and recurrent sinusitis. The minimally invasive procedure uses balloon sinus dilation to treat patients and is as an alternative to endoscopic surgery.
Revenue for the nine months ended Sept. 30 was $34.4 million, up 57.3 percent from the same nine-month period the year before. The company had a net loss of $5.7 million for the same period.
The company plans to use proceeds of the offering to fund product development and clinical research and for sales, marketing and other general corporate purposes.
Brian Farley has been CEO of the company since 2010 and was named chairman in November 2014. He is a longtime medical device executive who was president and CEO of VNUS Medical Technologies until that company was sold to Covidien Ltd. in June 2009.
Entellus is the first Minnesota public company to complete an IPO since Minneapolis-based GWG Holdings raised about $10 million from an offering on Sept. 24, 2014. Both companies qualified as emerging growth companies and filed their IPOs under the Jumpstart Our Business Startups Act (JOBS Act) that gives small companies certain exemptions from various reporting requirements.