Robotic hair restoration company Restoration Robotics raised $25 million in an initial public offering and saw its shares rise nearly 40% after its debut, according to a Silicone Valley Business Journal report.
The 91-person company, co-founded by surgical robotics pioneer Fred Moll, sold 3.6 million shares at $7 each, then proceeded to open at $8.55 per share today, up 22% from its IPO price, according to the report.
So far today, the company has seen shares rise 38%, at $9.66 as of 2:06 p.m. EDT.
The company produces the Artas robotic system, an image-guided, physician-assisted system designed to harvest follicular units for hair transplantation procedures. The system received FDA 510(k) approval in 2011 after providing results from clinical studies that showed the system to be safe and effective.
The system also has regulatory clearance in Canada and CE Mark approval in the European Union.
Restoration Robotics IPO gave it a market valuation of approximately $224 million, which is about 25% higher than the valuation it received in August when it raised $24 million, the Business Journal reports.
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