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Medical device maker Silk Road sets price range of Nasdaq IPO

Silk Road Medical Inc. expects to price the IPO of 4,687,500 of its common shares on Nasdaq at between $15 and $17 apiece.

The Sunnyvale, Calif.-based medical-device maker is expected to raise about $75 million in gross proceeds, assuming a per share price of $16. The company has applied to list its common stock on the Nasdaq Global Market under the symbol SILK.

The company intends to use the net proceeds to expand sales force and operations, increase research and development activities, to conduct clinical trials, expand internationally, and for working capital and other general corporate purposes.

Silk Road is focused on developing a treatment called transcarotid artery revascularization for carotid artery disease, one of the leading causes of stroke.

J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., BMO Capital Markets Corp. and Stifel Nicolaus & Co. Inc. are acting as underwriters for the IPO.

Silk Road also granted the underwriters a 30-day option to buy an additional 703,125 shares.