TriVascular prices IPO, stock to begin trading Wednesday

Santa Rosa's TriVascular Technologies priced its initial public offering Tuesday at $12 a share, below its target of $13 to $15 a share.

TriVascular shares are scheduled to begin trading Wednesday morning on the Nasdaq Global Select Market under the ticker symbol "TRIV."

The medical device maker hopes to sell as much as $89.7 million of stock in the IPO. TriVascular will offer 6.5 million shares of common stock at $12 a share. The offering's underwriters have a 30-day option to purchase as many as 975,000 additional shares at the same price.

The company, which has more than 250 employees, has developed a stent graft system to repair abdominal aortic aneurysms, bulges in the aorta that can rupture and cause internal bleeding and death.

TriVascular reported a net loss last year of $50.3 million on revenues of $19.5 million, according to a prospectus filed with the U.S. Securities and Exchange Commission.

J.P. Morgan Securities and Credit Suisse Securities are jointly managing the offering, while Stifel Nicolaus & Co. and Canaccord Genuity are co-managers.