NeurAxis, which makes a non-surgical neuromodulation device for children with IBS-related pain, revised the terms for its upcoming IPO on Monday.
The Carmel, IN-based company now plans to raise $15 million by offering 1.9 million units at $8. Each unit consists of one share of common stock and one warrant, exercisable at the IPO price. The company had previously filed to offer 1.9 million shares at a range of $7 to $9. At the revised terms, NeurAxis will raise the same amount in proceeds as previously anticipated.
Concurrently, selling shareholders have registered 1.1 million shares, which may be offered and sold from time to time after the IPO.
Because the company plans to offer units with warrants attached, 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.
