We recently reported on the AGA Medical (NASDAQ: AGAM) – developer of interventional devices for the minimally invasive treatment of structural heart defects and peripheral vascular disorders – public filing intentions and can now follow-up with their initial public offering debut details and as well check in with AGA’s Bio IPO class of 2009 brethren.

The AGA deal priced out at $14.50 (that is twice-removed below the initial trading range provided of $19 to $21 then the lowered estimated range of $15 to $16), raising in aggregate approximately $199M, considerably less than the initial forecast high of $288M, a delta of some $89M, that is not immaterial. Now all of you early-stage companies salivating, with dollar signs in your eyes and sugar plum IPO fairies dancing in your heads as we head into the Nutcracker season, keep in mind that AGA had 2008 revenue in the $180M range with a positive net income to boot, and 1H09 totals of approximately $94M. That is to say the public markets are primarily rewarding only those who have run the regulatory gauntlet and have reached the market with an approved product – clinical-stage folk need not apply, ummm cough…file.

With a trading range since inception of $14.25 to $14.85 it is fair to say that the offering has more or less been stable which has been the general trend of AGA’s class peers though some mild pullback has occurred across the sector as evidenced in the three-month Nasdaq Biotech Index (NASDAQ: NBI). That said, the Street observing these related offerings and not observing instant selloffs and market cap erosion must be somewhat warmed, coming away with thoughts that there is opportunity to achieve some liquidity in the public markets. Therefore look for the 2010 IPO activity not to necessarily come roaring back however, anticipate commercial or near commercial-stage life science entities to continue to dip their toes in the public ponds.