NeuroPace, which makes a brain-responsive neuromodulation system for drug-resistant epilepsy, announced terms for its IPO on Wednesday.
The Mountain View, CA-based company plans to raise $85 million by offering 5.3 million shares at a price range of $15 to $17. At the midpoint of the proposed range, NeuroPace would command a fully diluted market value of $407 million.
NeuroPace states that its novel and differentiated RNS System is the first and only commercially available, brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source. Its RNS System is also the only commercially available device that records continuous brain activity data and allows clinicians to monitor patients not only in person, but also remotely. As of December 31, 2020, over 3,000 patients have received NeuroPace's RNS System.
NeuroPace was founded in 1997 and booked $41 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol NPCE. J.P. Morgan, Morgan Stanley, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of April 19, 2021.
