* To apply to list common stock on NASDAQ under symbol “ZLTQ”
* To use proceeds to repay milestone obligations, fund product development (Adds background, details)
July 13 (Reuters) - Zeltiq Aesthetics Inc filed with U.S. regulators to raise up to $115 million in an initial public offering, and said it plans to use the proceeds to repay milestone obligations and fund product development.
Zeltiq, which develops products to selectively reduce stubborn fat bulges that may not respond to diet or exercise, plans to list on Nasdaq under the symbol “ZLTQ.”
Aesthetic device companies, which make equipment for acne removal and skin polishing to body sculpting and liposuction, were hit by the recession when discretionary spending was put on the backburner.
Pleasanton, California-based Zeltiq recorded a net loss of 52 cents per share on $14.3 million revenue for January-March.
Zeltiq’s technology works by using controlled cooling to reduce the temperature of fat cells in the treated area. This, the company says, kills fat cells.
Medicis Pharmaceutical Corp is currently in discussion with health regulators regarding the marketing approval of its body sculpting device that uses focussed ultrasound waves to eliminate fat.
In a filing with the U.S. Securities and Exchange Commission on Wednesday, Zeltiq gave no details on how many shares the company plans to sell or their expected price.
It said J.P. Morgan, Goldman Sachs & Co, William Blair & Co and Canaccord Genuity would underwrite the IPO.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO can be different. (Reporting by Vidya L Nathan in Bangalore; Editing by Don Sebastian)