NeurAxis, which makes a non-surgical neuromodulation device for children with IBS-related pain, announced terms for its IPO on Thursday.
The Carmel, IN-based company plans to raise $15 million by offering 1.9 million shares at a price range of $7 to $9. At the midpoint of the proposed range, NeurAxis would command a fully diluted market value of $48 million.
If the company prices at a market cap below $50 million, NeurAxis will be excluded from Renaissance Capital's 2023 IPO stats.
Utilizing its proprietary Percutaneous Electrical Nerve Field Stimulation (PENFS) technology, Neuraxis' has built its first product, IB-Stim, for use 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, targeting brain areas that process pain. To date, Neuraxis has sold its product to 50 children's hospitals across the US.
NeurAxis was founded in 2011 and booked $3 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol NRXS. Alexander Capital is the sole bookrunner on the deal. It is expected to price during the week of January 30, 2023.
