AirXpanders has commenced an initial public offering (IPO) of its stock in Australia.
The company said it aims to raise $36.5 million Australian ($32.1 million U.S.). The stock will be listed on the Australian Securities Exchange.
AirXpanders specializes in the design, manufacture, sale, and distribution of its AeroForm tissue expanders. The expanders are used in breast reconstruction procedures following mastectomy to expand and stretch the skin and underlying muscle prior to the placement of a permanent breast implant.
AeroForm tissue expanders are cleared for marketing in Europe and Australia. Results of a pivotal clinical trial should be available soon, according to the company, and it expects to submit an application for 510(k) clearance with the U.S. Food and Drug Administration (FDA) sometime this year.
Pending FDA clearance, AirXpanders hopes to commercialize AeroForm in the U.S. in early 2016.
