Davis Polk advised the joint book-running managers and representatives of the several underwriters on the initial public offering by iRhythm Technologies, Inc. iRhythm sold 7,238,235 shares of its common stock, including shares sold pursuant to the full exercise of the underwriters’ over-allotment option, for total gross proceeds of $114 million. The common stock is listed on the NASDAQ Global Market under the symbol “IRTC.”
iRhythm is a commercial-stage digital health care company redefining the way cardiac arrhythmias are clinically diagnosed. The company combines wearable biosensor devices worn for up to 14 days and cloud-based data analytics with powerful proprietary algorithms that distill data from millions of heartbeats into clinically actionable information. iRhythm is based in San Francisco, California.
The Davis Polk corporate team included partner Alan F. Denenberg and associates Tyler P. Pender and Randy Li. The tax team included partner Rachel D. Kleinberg and associate Lena X. Qiu. The intellectual property and technology team included associates Michelle Ontiveros Gross and Jason J. Bang. Counsel Marcie A. Goldstein provided FINRA advice. Associate Colleen Blanco provided 1940 Act advice. Members of the Davis Polk team are based in the Northern California and New York offices.