Neuraxis, which makes a device for children suffering from IBS-related functional abdominal pain, filed on Tuesday with the SEC to raise up to $17 million in an initial public offering.
Utilizing its proprietary Percutaneous Electrical Nerve Field Stimulation (PENFS) technology, Neuraxis has built its first product, IB-Stim, intended to be used in patients 11-18 years of age with functional abdominal pain associated with IBS. IB-Stim works by sending gentle electrical impulses into cranial nerve bundles located in the ear. This stimulation targets brain areas that process pain and helps reduce functional abdominal pain associated with IBS. To date, Neuraxis has sold the product to 50 children’s hospitals across the US.
The Carmel, IN-based company was founded in 2011 and booked $3 million in sales for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol NRXS. Neuraxis filed confidentially on September 27, 2022. Alexander Capital is the sole bookrunner on the deal. No pricing terms were disclosed.
