NeurAxis, which makes a non-surgical neuromodulation device for children with IBS-related pain, revised the terms for its upcoming IPO on Thursday. In its latest filing, the company also changed the proposed listing exchange from the Nasdaq to the NYSE American.
The Carmel, IN-based company now plans to raise $8 million by offering 0.9 million shares at $8. The company had previously filed to offer 1.9 million units at the same price, with each unit containing one share of common stock and one warrant, exercisable at the IPO price. At the revised terms, NeurAxis will raise 50% less in proceeds than previously anticipated.
Concurrently, selling shareholders have registered 1.9 million shares, which may be offered and sold from time to time after the IPO.
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 March 31, 2023. It plans to list on the NYSE American under the symbol NRXS. Alexander Capital is the sole bookrunner on the deal.
