NeurAxis, which makes a non-surgical neuromodulation device for children with IBS-related pain, raised $7 million by offering 1.1 million shares at $6, as expected. The company offered 68 thousand fewer shares than anticipated.
Concurrently, selling shareholders had planned to register 1.9 million shares, which may be offered and sold from time to time after the IPO.
At pricing, NeurAxis has a market cap of less than $50 million, so it will be excluded from Renaissance Capital's 2023 IPO stats.
Utilizing its proprietary Percutaneous Electrical Nerve Field Stimulation (PENFS) technology, Neuraxis' has built its first product, IB-Stim, for use in patients 11-18 years of age with functional abdominal pain associated with IBS. IB-Stim works by sending gentle electrical impulses into cranial nerve bundles located in the ear, targeting brain areas that process pain. To date, Neuraxis has sold its product to 50 children's hospitals across the US.
NeurAxis plans to list on the NYSE American under the symbol NRXS. Alexander Capital acted as sole bookrunner on the deal.
