An Atlanta woman-founded, women’s healthcare company plans to raise $40 million in an initial public stock offering.
Suwanee-based Femasys Inc. says in plans filed May 14 with the Securities and Exchange Commission that it’s well-positioned to become a leading company in the women’s healthcare space with products to address multi-billion dollar global opportunities.
Femasys is the fourth metro Atlanta healthcare company to file for an IPO in the past year. Home healthcare company Aveanna filed to raise $100 million in April; biotech company Virios Therapeutics filed last August to raise $34 million; and pharmaceutical company Inhibikase Therapeutics Inc. filed to go public last July.
Femasys was founded in 2004. Its founder and CEO is Kathy Lee-Sepsick, who has more than 25 years of experience in the medical device field with over 100 patents globally, according to the company. Other top executives include Daniel Currie, senior vice president of operations; and Dr. Lexy Kelley, vice president of clinical and medical affairs.
Femasys’s initial product focus is in the area of reproductive health, and its two lead product candidates offer solutions for two ends of the reproductive spectrum: FemBloc for permanent birth control and FemaSeed as an artificial insemination infertility treatment.
The company’s sales in 2020 were about $1 million, and it posted a loss of $6.9 million. It spent more than $4 million on research and development last year, and nearly $7 million in 2019.
Femasys plans to use funds raised by the IPO on the clinical development program for its FemBloc and FemaSeed products, to fund product development and research, and hire additional personnel. As of March, it had 24 full-time and two part-time employees and 10 consultants.
The company has raised more than $50 million since 2015 from both institutional and strategic investors, including Medtronic and executives from leading life science companies, it says.
Its intellectual property portfolio includes 36 issued U.S. patents and 96 issued foreign patents, 11 pending U.S. patent applications and 31 pending foreign patent applications.
Femasys is seeking to list its common stock on the Nasdaq Capital Market under the symbol “FEMY.”