Cortigent, which is developing camera-based neural implants that restore partial vision to the blind, announced terms for its IPO on Wednesday.
The Valencia, CA-based company plans to raise $15 million by offering 1.5 million shares at $10. At the midpoint of the proposed range, Cortigent would command a market value of $65 million.
Cortigent is developing systems that use a camera mounted on glasses combined with a brain implant that delivers targeted electrical neurostimulation to provide artificial vision, which provides the perception of light and shapes. Its first commercial system, Argus II, was approved by the FDA in 2013 under a Humanitarian Device Exemption, but discontinued in 2019 due to commercial considerations. Since then, the company has substantially completed an early feasibility trial of a more advanced system for artificial vision called Orion.
Cortigent was founded in 1998 and plans to list on the Nasdaq under the symbol CRGT. ThinkEquity is the sole bookrunner on the deal.
