Sientra Inc. upsized and priced its planned underwritten public offering of common stock.
The Santa Barbara, Calif.-based company will now sell 17,391,305 shares at $5.75 apiece to raise $100 million. Additionally, the company granted the underwriters a 30-day option to purchase up to 2,608,695 additional shares at the same issue price.
The company was previously targeting to sell $75 million of its common stock.
The offering is expected to close by June 7.
Sientra, which sells medical aesthetics products to plastic surgeons, plans to use the net proceeds to implement sales and marketing initiatives, expand its U.S. and global commercial organizations, finance research and development efforts and to fund general corporate purposes. The company may also use part of the proceeds to acquire or invest in complementary businesses.
Stifel, William Blair and SVB Leerink are acting as joint book-running managers for the offering.