Johnson Winter Slattery (JWS) has advised US-domiciled medical device company Saluda Medical, Inc. (ASX:SLD) (Saluda Medical) on its fully underwritten initial public offering (IPO) and listing on the Australian Securities Exchange (ASX). Saluda Medical raised ~A$230.8 million at an offer price of A$2.65 per CHESS Depositary Interest. The IPO values Saluda Medical at ~A$775 million upon listing (based on its fully diluted capitalisation).
Saluda Medical is a US-based, commercial-stage medical device company initially founded in Australia which is focused on developing treatments for chronic neurological conditions using its novel closed-loop neuromodulation platform. Saluda Medical’s product, the US FDA-approved Evoke® System, is designed to treat chronic neuropathic pain by providing spinal cord stimulation therapy that senses and measures neural activation to optimise therapy and reduce patient and clinician burden.
The funds raised under the IPO will be used to expand Saluda’s US commercial and sales infrastructure, drive adoption of the Evoke System and increase awareness among physicians and patients, advance new product development and support ongoing research, regulatory programs and working capital requirements.
The JWS team was led by Partners James Rozsa, Clare Brown and Kate Naude with support from Ynan Zhou, Ella Furphy and Isabella Rodgers.
Clare Brown commented, “We are delighted to have supported Saluda Medical, Inc on its successful initial public offering and listing on the ASX. Saluda’s novel neuromodulation platform is seeking to improve the lives of patients living with chronic, intractable pain. We are proud to have played a part in this significant milestone for the company. Congratulations to the entire Saluda Medical team. We look forward to seeing their continued growth and innovation.”
James Rozsa commented, “On behalf of the JWS team, I am thrilled to bring this original Australian technology to the market. JWS has worked with Saluda through its redomicile to the US and now its return to Australia on ASX. It’s also another example of JWS’ expertise in working with both med-device and US domiciled issuers in the Australian market.”
About Johnson Winter Slattery
JWS is a leading independent Australian law firm of more than 450 people, including 80+ partners across Sydney, Melbourne, Adelaide, Canberra, Brisbane and Perth. The firm is engaged by major corporates and investment funds on their most challenging transactions and disputes.
Key legal contacts
James Rozsa
Clare Brown
Kate Naude
Media contact
Angela Welsh
Marketing & Communications Manager
T: +61 2 9392 7454 | M: +61 414 281 902
E: angela.welsh@jws.com.au
