Establishment Labs Announces Pricing of Public Offering of Common Shares

NEW YORK, Jan. 29, 2020 (GLOBE NEWSWIRE) -- Establishment Labs Holdings Inc. (Nasdaq: ESTA) (the “Company”), a medical technology company focused on Women’s Health – initially in the breast aesthetics and reconstruction market – today announced the pricing of its public offering of 2,285,714 common shares at $26.25 per share. The gross proceeds to Establishment Labs, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $60.0 million. The offering is scheduled to close on February 3, 2020, subject to the satisfaction of customary closing conditions. In addition, the Company has granted the underwriters a 30-day option to purchase up to 342,857 additional common shares.

The Company intends to use the net proceeds from this offering, together with its existing cash, to fund growth initiatives, including the expansion of its manufacturing facilities, market development activities related thereto, conduct or sponsor clinical studies and trials, and to provide for working capital and other general corporate purposes.  The Company may also use a portion of the net proceeds from this offering to expand the sales force and operations, increase research and development activities, obtain regulatory approval to market and sell Motiva Implants in the United States and expand internationally. 

Goldman Sachs & Co. LLC, Jefferies LLC, Cowen and Company, LLC, and UBS Investment Bank are acting as joint book-running managers for the offering.  BTIG, LLC is acting as co-manager for the offering.  PJT Partners Inc. is serving as financial advisor to the Company in connection with the offering.

A shelf registration statement on Form S-3 relating to the public offering of the common shares described above was filed with the Securities and Exchange Commission (the “SEC”) and became effective on November 22, 2019. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website, located at www.sec.gov.  Copies of the final prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: [phone] or by emailing [e-mail]; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-547-6340 or by email at [e-mail];  Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by email to [e-mail]; or UBS Investment Bank, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, New York 10019, or by telephone at [phone] or by e-mail at [e-mail].

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.

About Establishment Labs
Establishment Labs Holdings Inc. (NASDAQ: ESTA) is a global medical technology company focused on women’s health, initially in the breast aesthetics and reconstruction market, by designing, developing, manufacturing and marketing an innovative portfolio of silicone gel-filled breast implants, branded as Motiva Implants, the centerpiece of the MotivaImagine platform.

Investor Relations
Jeremy Feffer
LifeSci Advisors, LLC
212-915-2568
[e-mail]