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UPDATE 1-Swiss heart valve maker Symetis aims to raise $83 mln
September 1, 2015 / 8:07 AM / 2 years ago

UPDATE 1-Swiss heart valve maker Symetis aims to raise $83 mln

(Adds details about Swiss company, IPO)

ZURICH, Sept 1 (Reuters) - Swiss company Symetis SA, which develops replacement heart valve devices, aims to raise 80 million Swiss francs ($83 million) from an initial public share offering (IPO) this year, it said on Tuesday.

The Lausanne-based company said the money from the Swiss listing would allow it to expand its business in the European Union and boost research and development efforts and clinical trials in Japan and the United States.

Existing investors have committed to buying 15 million francs worth of shares, the company said in a statement.

Symetis said in addition to the expected gross proceeds of 80 million francs, the syndicate of banks arranging the flotation will be granted a 15 percent over-allotment option.

The valve maker said it had 10.8 million francs in revenue for the first half of 2015, up 68 percent from the same period a year earlier after stripping out the impact of currency changes.

Symetis’ first two products, Acurate TA and Acurate neo/TF, were launched in Germany, Austria and Switzerland and sales were recently expanded into other European countries.

Credit Suisse is the global coordinator for the IPO and joint bookrunner, with Jefferies International also a bookrunner. Bank am Bellevue AG and Bank Vontobel AG are co-managers. ($1 = 0.9588 Swiss francs) (Reporting by John Miller and Brenna Hughes Neghaiwi; editing by David Clarke)

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