Bright Health wasn't the only Minnesota company that went public Thursday.
Miromatrix Medical Inc. raised $43 million by offering 4.8 million shares at $9 per share. The underwriter Craig-Hallum Capital Group of Minneapolis has the option to purchase an additional 720,000 shares.
The IPO is larger than the S-1 filed last week, which planned a sale of 4 million shares at a range between $7 to $9.
By mid-afternoon shares of the the Eden Prairie-based biotech company were up 60% trading on the Nasdaq under the ticker "MIRO" at $14.69 a share. With 13,769,108 shares of common stock outstanding, Miromatrix is valued at just over $190 million.
Miromatrix is developing technology for lab-grown transplantable livers and kidneys and has collaborations with the Mayo Clinic, Mount Sinai and the Texas Heart Institute. Miromatrix is hoping to start its first phase 1 trial late next year, with its External Liver Assist Product (ELAP).
The company said it will use the proceeds of the public offering to fund research and development, build a new facility and pay off debt.
Miromatrix had revenue of $46,530 in 2020 with a net loss of $10.3 million. All of its revenue currently comes from licensing.
Miromatrix was launched based on research from the University of Minnesota, which still controls over 5% of the company. Other major stockholders include Baxter Healthcare Corp. and Cheshire MD Holdings, an affiliate of dialysis provider DaVita Inc.
