- Inari Medical, whose devices treat deep vein thrombosis and pulmonary embolism, raised $156 million in an initial public offering, after boosting the size of the offering to about 8.2 million shares from approximately 7.3 million.
- The Irvine, California-based company has two mechanical thrombectomy platforms for removal of large clots from big vessels without the use of thrombolytic drugs.
- Shares in Inari were initially targeted to sell on the Nasdaq under ticker NARI between $14 and $16, were raised to a price of $19 on Thursday, and closed Friday at $42.51. It was the best first-day showing of the 74 companies that have gone public in the U.S. so far this year, according to Bloomberg.
As some privately held companies delay IPOs amid the COVID-19 era's market volatility, Inari Medical is finding early success. The company was founded in 2013 as a spin-out of Inceptus Medical, a medical device incubator. It is backed by Gilde Healthcare, Versant Ventures and U.S. Venture Partners.
Inari is looking to differentiate itself with devices designed specifically for use in the venous system, noting that of the more than 170 thrombectomy devices FDA has cleared since 2000, most were designed for the arterial system.
Inari makes two minimally invasive, catheter-based treatments for vein disease. The FlowTriever system has FDA clearance to treat pulmonary embolism and for thrombectomy in the peripheral vessels, while the ClotTriever is authorized for thrombectomy in the peripheral vessels only. Doctors performed 4,562 procedures last year with the company's devices, according to Inari's prospectus.
The company believes its current products have an annual addressable opportunity of $3.6 billion in the U.S. market alone. That's based on estimates of 668,000 new deep vein thrombosis diagnoses and 400,000 new pulmonary embolism diagnoses in the U.S. each year.
In a clinical study supporting FDA 510(k) clearance of the FlowTriever for pulmonary embolism, four of the 106 patients (3.8%) experienced six major adverse events within 48 hours of treatment, all of which were determined to be procedure-related. There were no device-related major adverse events. The study met its primary endpoints for safety and effectiveness.
The company is currently enrolling two 500-patient registries to evaluate real-world outcomes in patients treated with its devices, including follow-up visits at two years for patients treated with the ClotTriever and at six months after treatment with the FlowTriever.
Inari had revenue of $51.1 million and a net loss of $1.2 million in 2019, compared to revenue of $6.8 million and net loss of $10.2 million in 2018.