CeriBell, which makes a point-of-care rapid EEG to detect and monitor seizures in acute care, raised $180 million by offering 10.6 million shares at $17, the high end of the range of $16 to $17. The company had originally filed to offer 6.7 million shares at a range of $14 to $16, before revising its terms on Wednesday. At pricing, CeriBell commands a fully diluted market value of $644.2 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 plans to list on the Nasdaq under the symbol CBLL. BofA Securities and J.P. Morgan acted as joint bookrunners on the deal.
