Philadelphia Business Journal by John George, Senior Reporter
Globus Medical bumped up the maximum amount it is seeking to raise through an initial public stock offering to $150 million from $100 million, according to documents filed with the Securities and Exchange Commission this month.
The Audubon, Pa., medical-device company, which specializes in products used in spinal surgery, filed plans to go public in late March.The last time a local life sciences company went public was in 2010 when NuPathe raised $50 million through an IPO.
Globus Medical officials have declined to talk about their public stock offering, citing SEC regulations.
In its filings, the company said it plans to use the proceeds from its IPO for “general corporate purposes” including the further expansion of its sales and marketing efforts and continued investments in research and development.
Globus Medical filed a second amendment to its IPO filing this week. It did not include any new reference to the maximum amount it hoped to raise.
Founded in 2003, the companyposted sales of $331.5 million last year and a profit of $60.8 million.