Picard Medical Inc. (NYSE: PMI) made its public market debut on Thursday, with shares opening at $4.21, about 5.25% above its initial public offering price of $4.00.
The Arizona-based medical technology company, best known as the maker of the world’s only FDA-approved total artificial heart, raised roughly $17 million in gross proceeds through the IPO before underwriting discounts and expenses. The offering included 4,250,000 shares of common stock. Underwriters have also been granted a 30-day option to purchase an additional 637,500 shares at the offering price, which could provide extra capital if exercised.
Picard Medical now trades on the NYSE American exchange under the ticker symbol “PMI.” The listing marks an important milestone for the company as it looks to expand both its commercial reach and its research pipeline.
The funds raised will be directed toward several key priorities. A portion will support Picard’s joint venture in China, SynCardia Medical (Beijing), Inc., to strengthen its position in a market with significant growth potential for advanced cardiac solutions. Another portion will go into research and development for the company’s Emperor system — a fully implantable, driverless version of the SynCardia Total Artificial Heart (STAH) — as well as next-generation portable driver systems aimed at improving patient mobility and quality of life.
Picard also plans to invest in expanding sales, marketing, and distribution of its current STAH system. This includes building up inventory and increasing the number of external drivers available to hospitals and patients. Additionally, some proceeds will be used to reduce debt and provide general working capital for day-to-day operations.
With its IPO complete, Picard Medical enters the public market at a time of growing demand for advanced medical devices, particularly in the area of life-saving heart technologies. The company’s progress on next-generation systems will likely be closely watched by both investors and the medical community.