Anteris Technologies Global Corp. (ATGC) has gone public with its initial public offering (IPO), marking a significant milestone in its journey to transform the heart valve market. The company offered 14.8 million shares of its common stock at an initial price of $6.00 per share. Trading began on the Nasdaq Global Market on December 13, 2024, under the ticker symbol “AVR,” with the offering closed on December 16, 2024.
The IPO proceeds aim to primarily support the ongoing development of Anteris’ DurAVR transcatheter heart valve (THV) system, which aims to improve treatment outcomes for aortic stenosis. This condition, where the heart’s aortic valve narrows, severely impacts blood flow and can lead to life-threatening complications.
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DurAVR offers a unique, minimally invasive solution to traditional surgeries. The valve is crafted from ADAPT tissue, Anteris’ proprietary anti-calcification material that helps prevent the valve from deteriorating over time. This technology has been shown to keep the valve free of calcium buildup for up to 10 years, making it a durable solution.
The DurAVR valve is deployed using the ComASUR balloon-expandable delivery system, which ensures precise placement by aligning the valve with the heart’s natural structures. The system is part of a comprehensive treatment designed to improve blood flow dynamics and enhance overall heart function, particularly for patients with severe aortic stenosis.
Anteris’ approach has shown promising results in clinical trials, demonstrating better hemodynamics and exercise capacity compared to traditional three-piece valves.
With US Food and Drug Administration (FDA) approval for an early feasibility study (EFS), Anteris has treated 15 patients across multiple heart valve centers in the US. This positive outcome paves the way for a larger pivotal trial, with plans to submit an Investigational Device Exemption (IDE) application for the DurAVR THV system in early 2025. The pivotal study will directly compare DurAVR to other approved transcatheter aortic valve replacement (TAVR) devices, and, if successful, could lead to FDA approval for broader commercial use.
TAVR has been considered more effective than open-heart surgery for many patients because it significantly reduces recovery times and minimizes the risks associated with open-heart procedures, such as infection and blood loss.
In the global catheter market, TAVR dominates, with an expected market size of $40.76 billion by 2030. Major players like Medtronic, Edwards Lifesciences and Boston Scientific are advancing the technology, with devices like the Evolut FX+ and the SAPIEN 3 Ultra receiving recent FDA approval in 2024, making these treatments safer and more accessible. Anteris aims to be at the forefront of this movement with its DurAVR system.
Following the US offering, Anteris plans to list its CHESS Depositary Interests (CDIs) on the Australian Securities Exchange (ASX) under the same ticker symbol “AVR,” providing broader access to its shares.
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