CeriBell, a medical device maker with an EEG platform that uses AI to monitor patient seizures, announced terms for its IPO on Monday.
The Sunnyvale, CA-based company plans to raise $101 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, CeriBell would command a fully diluted market value of $505.4 million.
Ceribell is a medical technology company focused on the diagnosis and management of serious neurological conditions, particularly in acute care settings. It has developed the Ceribell System, a portable electroencephalography (EEG) platform that combines AI-powered algorithms with easy-to-use hardware, enabling rapid diagnosis and continuous monitoring of patients at risk of seizures. The system is believed to address the limitations of traditional EEG technology by offering quicker and more accessible brain monitoring, which leads to improved patient outcomes and reduced healthcare costs. Since its commercialization in 2018, the Ceribell System has been adopted by over 450 accounts and has been used to care for more than 100,000 patients. The company aims to establish the Ceribell System as the standard of care for EEG in acute care settings, with potential for future expansion into other neurological conditions.
CeriBell was founded in 2014 and booked $54 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol CBLL. BofA Securities and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of October 7, 2024.
