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Biom'Up raises €38.1M in IPO to fund blood clotting products

Biom'Up said it raised €38.1 million in an initial public offering on the Euronext Exchange following strong demand from French, U.K. and U.S. investors.

The French medical company, which develops products to stop bleeding during surgery, priced its shares at €10.5 apiece for a market capitalization of €113 million.

Biom'Up intends to use the proceeds partly to prepare for the U.S. launch of its Hemoblast Bellows product, which helps blood coagulate during surgery.

The product is under review at the U.S. Food and Drug Administration with a decision expected in mid-2018.

Biom'Up shares will be admitted to the Euronext Exchange and start trading Oct. 13.

The company is the first healthcare group to IPO on the exchange in six months.