Vapotherm recently filed the paperwork for a new $57 Million offering. The company's HI-VNI technology provides maskless high velocity nasal insufflation for patients in respiratory distress or requiring respiratory support. The company cites trials that show that HVNI has this same efficiency as NIPPV (nasal intermittent positive pressure ventilation) systems that require patients to wear masks.

NIPPV delivered through a mask is associated with increased patient discomfort and anxiety and can cause facial skin ulceration and trauma to the lungs. The mask complicates the care required to support a patient because they cannot talk, eat, drink or take oral medications while wearing the tight-fitting mask. Patients treated with NIPPV are often transferred to the ICU because NIPPV typically requires frequent patient monitoring to ensure patient compliance and safety.

Vapotherm sales grew from $35.6 million for the year ended December 31, 2017 to $42.4 million for the year ended December 31, 2018. Their precision flow systems have been sold to over 1,300 hospitals in the US.

According to the filing, the company intends to use the proceeds from the offering to hire additional sales and marketing personnel and to fund R&D activities. At the time of this writing, the company has a market cap of $280 million.