Nevro, which is awaiting approval for a spinal cord stimulation device that treats leg and back pain, filed on Friday with the SEC to raise up to $115 million in an initial public offering.
Nevro has developed a spinal cord stimulation (SCS) system that treats chronic pain in the back and legs. The company notes that currently-approved SCS treatments, which are reimbursable, have limited efficacy for back pain. It submitted a PMA in June 2014 to the FDA, and is preparing to launch its device as early as the 1H16, if approved.
Primary shareholders include Johnson & Johnson (NYSE: JNJ), Bay City Capital, Three Arch Partners, Novo A/S, Accuitive Medical Ventures, Aberdare Ventures, New Enterprise Associates.
Nevro cites Boston Scientific, St. Jude Medical and Medtronic as its key competitors, each of which have approved neuromodulation systems.
The Menlo Park, CA-based company, which was founded in 2006 and booked $27 million in sales for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol NVRO. Nevro initially filed confidentially on August 8, 2014. J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.
