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Treace Medical Concepts, Inc. is a medical device company, headquartered in Ponte Vedra Beach, Florida, specializing in the design, manufacture, and marketing of foot and ankle surgical devices and biologics.[2] Lapiplasty, Treace’s novel primary surgical product, advanced the treatment of bunions, surgically correcting the metatarsal bone, for the first time, in all three dimensions.[3]
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| Company type | Public |
|---|---|
| Nasdaq: TMCI | |
| Industry | Medical devices |
| Founded | 2014 |
| Founder | John T. Treace |
| Headquarters | , |
Key people |
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| Products | Foot and ankle surgical devices |
| Revenue | |
| Total assets | |
| Total equity | |
Number of employees | |
| Website | treace |
In March 2021, Treace announced its intent to launch an initial public offering.[4] Trading on the Nasdaq under the ticker symbol “TMCI”, Treace opened its IPO in April 2021.[5]
History
editIn mid-2014, John T. Treace invited a number of orthopaedic surgeon designers to Memphis, Tennessee, tasking them to identify the most problematic area of foot and ankle surgery.[6] Each of the five physicians in the group identified the same condition as their top concern, bunions, due to the unreliable nature of traditional lapidus procedures with prolonged recovery times,[7][8][9] frequent complications,[7][8] residual pain,[7][9][10] and high rates of recurrence,[7][8][9] resulting in an excessively high number of dissatisfied patients.[6][7][8][9][10]
Several years of research, dating as far back as 1956, combined with new evidence gathered from the introduction of weight-bearing CT capabilities, demonstrated that approximately 85% of bunions involved pronation of the metatarsal in the frontal plane. At the time, however, surgical procedures corrected bunions in the transverse and sagittal planes only, ignoring the abnormal metatarsal pronation. The failure to position the metatarsal into proper frontal plane alignment left the sesamoid position and MTP joint surfaces misaligned, with the joint ultimately remaining non-congruent and with increased stress, resulting in a rate of recurrence as high as 30–50%.[6]
The first Lapidus surgery and instruments to surgically treat bunion abnormalities in all three planes would then be developed by Treace's surgeon advisory group, ultimately leading to the creation of the company’s novel surgical product, Lapiplasty.[2][3][6]
Initial public offering
editOn March 30, 2021, Treace filed a registration statement with the U.S. Securities and Exchange Commission, advising of its intent to launch an initial public offering of an unknown number of shares, in an attempt to raise up to $100 million in the capital.[4] On April 22, 2021, Treace announced it would upscale its IPO to 11,250,000 aggregate shares, expected to trade under the ticker symbol “TMCI”, at a public offering price of $17.00 per share, with gross proceeds expected to total $106.3 million.[11]
On April 23, 2021, Treace opened its IPO on the Nasdaq 44% higher than anticipated, trading at a price of $24.50 per share.[5]
References
edit- ^ a b c d e f "U.S. SEC: Form S-1 Treace Medical Concepts, Inc.". United States Securities and Exchange Commission. March 30, 2021. Retrieved April 8, 2021.
- ^ a b "About | Treace Medical Concepts, Inc.". Treace Medical Concepts, Inc. Retrieved August 29, 2020.
- ^ a b Helms, Natalie (January 28, 2020). "New procedure treats the root cause of bunion deformity". UChicago Medicine. Retrieved April 8, 2021.
- ^ a b Shen, Lucinda (March 31, 2021). "The giants try to break into the club". Forbes. Retrieved May 28, 2021.
- ^ a b "Treace Medical Concepts (TMCI) IPO Opens 44% Higher". StreetInsider. April 23, 2021. Retrieved May 28, 2021.
- ^ a b c d "Lapiplasty | Orthopedics This Week". Orthopedics This Week. RRY Publications. June 2016. Retrieved May 28, 2021.
- ^ a b c d e Dayton, Paul D; Dujela, Michael; Egdorf, Rachel (2018). "Recurrence and Hallux Varus". In Dayton, Paul D (ed.). Evidence-Based Bunion Surgery. Springer International Publishing. pp. 91–111. doi:10.1007/978-3-319-60315-5. ISBN 978-3-319-60315-5. S2CID 19263257. Retrieved May 28, 2021.
- ^ a b c d Chong, A; Nazarian, N; Chandrananth, J; Tacey, M; Shepherd, D; Tran, P (February 1, 2015). Scott, G.; Scott, J. (eds.). "Surgery for the correction of hallux valgus". Foot and ankle. The Bone & Joint Journal. 97-B (2). Bone & Joint Publishing: 208–214. doi:10.1302/0301-620X.97B2.34891. PMID 25628284. Retrieved May 28, 2021.
- ^ a b c d Fokter, SK; Podobnik, J; Vengust, V (May 1, 1999). "Late results of modified Mitchell procedure for the treatment of hallux valgus". Foot & Ankle International. 20 (5). SAGE Publishing: 296–300. doi:10.1177/107110079902000504. PMID 10353765. S2CID 40580528. Retrieved May 28, 2021.
- ^ a b Chen, JY; Ang, BFH; Jiang, L; Yeo, NEM; Koo, K; Rikhraj, IS (June 19, 2016). "Pain resolution after hallux valgus surgery". Foot & Ankle International. 37 (10). SAGE Publishing (published October 1, 2016): 1071–1075. doi:10.1177/1071100716653084. PMID 27325622. S2CID 25834836. Retrieved May 28, 2021.
- ^ "UPDATE – Treace Medical Concepts Announces Pricing of Upsized Initial Public Offering". GlobeNewswire (Press release). April 22, 2021. Retrieved May 28, 2021.