ElectroCore, which is commercializing a non-invasive nerve stimulation device for treating migraines, announced terms for its IPO on Tuesday.
The Basking Ridge, NJ-based company plans to raise $65 million by offering 4.3 million shares at a price range of $14 to $16. Insiders intend to purchase $20 million worth of shares in the offering. At the midpoint of the proposed range, ElectroCore would command a fully diluted market value of $419 million.
ElectroCore was founded in 2005 and booked $1 million in sales for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol ECOR. Evercore ISI and JMP Securities are the joint bookrunners on the deal; Piper Jaffray was removed as lead left in the latest filing. It is expected to price during June 2018.
