AUSTIN, Texas, April 2, 2014 (GLOBE NEWSWIRE) -- LDR Holding Corporation (Nasdaq:LDRH) ("LDR" or the "Company"), a global medical device company focused on designing and commercializing novel and proprietary spinal surgical technologies, today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") relating to a proposed follow-on public offering of its common stock. The Company expects to raise approximately $25 million and selling stockholders expect to sell approximately 3.8 million shares of common stock in the offering, which share amount includes a 30-day option to purchase additional shares of common stock that is expected to be granted to the underwriters.
The principal purposes of the offering are to facilitate an orderly distribution of shares by the selling stockholders and to increase the public float of the Company's shares. The proceeds of the primary portion of the offering will be used by the Company to (i) continue expanding its sales and marketing efforts in the U.S. and internationally, including its continued launch of Mobi-C in the U.S. market, (ii) make continued investments in research and development, and (iii) for general corporate purposes, including working capital. LDR will not receive any proceeds from shares of common stock to be sold by the selling stockholders.
Piper Jaffray & Co. and William Blair & Company, L.L.C. will act as joint book-running managers for the offering. Cowen and Company, LLC and RBC Capital Markets, LLC will act as co-lead managers. JMP Securities LLC, Stephens Inc. and Bryan, Garnier & Co. will act as co-managers.
The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus related to the offering may be obtained from the offices of Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402 or by telephone at 800-747-3924 or by email at prospectus@pjc.com and William Blair & Company, L.L.C. at 222 West Adams Street, Chicago, IL 60606, Attention: Prospectus Department, by telephone at (800) 621-0687, or by email at prospectus@williamblair.com.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About LDR Holding Corporation
LDR Holding Corporation is a global medical device company focused on designing and commercializing novel and proprietary surgical technologies for the treatment of patients suffering from spine disorders. LDR's primary products are based on its exclusive VerteBRIDGE® fusion and Mobi® non-fusion technology platforms and are designed for applications in the lumbar and cervical spine. These technologies enable products that are less invasive, provide greater intra-operative flexibility, offer simplified surgical techniques and promote improved clinical outcomes for patients as compared to existing alternatives. LDR received approval from the FDA for the Mobi-C® cervical disc replacement device, the first and only cervical disc replacement device to receive FDA approval to treat both one-level and two-level cervical disc disease. For more information regarding LDR, visit www.ldr.com or www.cervicaldisc.com.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief or current expectations of LDR and members of its management team with respect to LDR's future business operations as well as the assumptions upon which such statements are based. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and elsewhere in the Company's registration statement filed on April 2, 2014. LDR disclaims any responsibility to update any forward-looking statements.