July 13, 2011
Zeltiq Aesthetics Files Plans For IPO Of Up To $115M
Zeltiq Aesthetics Inc. is planning an initial public offering of up to $115 million of its shares to raise funds for its expansion and other purposes.
The medical-technology company is focused on developing and commercializing products based on its controlled-cooling technology platform.
The company in its filing with the U.S. Securities and Exchange Commission said that its first commercial product, called CoolSculpting, selectively reduces fat bulges that may not respond to diet or exercise. The product, which is adminstered by dermatologists, plastic surgeons and aesthetic specialists, received U.S. Food and Drug Administration approval in September to reduce fat around the "love handles."
CoolSculpting also has approval in 46 international markets where the product isn't limited to specific treatment areas.
The company's loss narrowed sharply to $2.4 million in the quarter ended March 31 from $5.9 million a year earlier. Revenue soared to $14.3 million from $2 million.
The company plans to apply to list its shares on the Nasdaq Global Market under the symbol ZLTQ.