Nalu Medical, which is commercializing a nerve stimulation implant for chronic neuropathic pain, filed on Friday with the SEC to raise up to $100 million.
Nalu states that its miniaturized implantable pulse generator (IPG) delivers gentle electrical pulses to the nervous system to modulate pain signals to the brain, addressing unmet need for chronic neuropathic pain with clinical and practical benefits of a battery-free, minimally invasive implant. The company is targeting both spinal cord stimulation (SCS) and peripheral nerve stimulation (PNS) indications. Its device received clearance in 2019, but Nalu delayed its commercial launch to the third quarter of 2020 due to the pandemic; in the first quarter it generated revenue of $1.4 million.
The Carlsbad, CA-based company was founded in 2014 and booked $5 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol NALU. Nalu Medical filed confidentially on February 16, 2021. J.P. Morgan, BofA Securities, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
