Pulmonx shares soar 118% in trading debut

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Shares of Pulmonx, a maker of treatments for lung diseases including emphysema, rose 118% in their trading debut Thursday, after the company’s initial public offering priced above range. The deal priced at $19 a share, above its proposed price range of $17 to $18. The company upsized the deal on Wednesday and raised the proposed price range. Pulmonx sold 10 million shares to raise $190 million. Shares are trading on Nasdaq under the ticker “LUNG.” BofA, and Morgan Stanley were lead underwriters on the deal, with Stifel, Wells Fargo and Canaccord acting as co-managers. Proceeds of the deal will be used to hire sales and marketing people, fund R&D, to pay a success fee to Oxford of $1.9 million and for working capital. “We are a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease (COPD),” the company says in its prospectus.
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