NeuroSigma, which develops electrical devices used to treat
drug-resistant epilepsy and depression, announced terms for its IPO
on Monday. The Los Angeles, CA-based company plans to raise $50
million by offering 3.6 million shares at a price range of $13 to
$15. At the midpoint of the proposed range, NeuroSigma would
command a fully diluted market value of $204 million.
The company is in pivotal trials to have its bioelectronic products
approved in the US, and has received marketing approval as an
adjunctive therapy for adults in Australia, Canada and the EU.
Its device expects to complete Phase 3 trials for epilepsy in late
2016 and is in Phase 2 trials for major depressive disorder.
Additionally, the National Institutes of Health is funding
trials for the device's use in treating ADHD and the US Army is
behind trials for PTSD, both of which have completed Phase 1
NeuroSigma's primary shareholders include co-founder and CEO Leon
Ekchian, Chairman Lodwrick Cook, Chief Medical Officer Ian Cook and
General Counsel David Hayes. Recent epilepsy IPOs include biotechs
Marinus Pharmaceuticals (
) and Sage Therapeutics (
Revenue nearly tripled to $24,000 during the six months ended June
30, 2014 as the company commenced marketing in the European Union.
Its operating loss increased to $7 million from about $3 million in
the prior period due to higher stock-based compensation.
NeuroSigma, which was founded in 2008, plans to list on the NASDAQ
under the symbol NSIG. Jefferies & Co. is the sole bookrunner
on the deal. It is expected to price during the week of October 6,
Epilepsy device maker NeuroSigma sets terms for $50
originally appeared on IPO investment manager Renaissance Capital's
web site renaissancecapital.com.
The information and opinions expressed herein were prepared by
Renaissance Capital's research analysts and do not constitute an
offer to buy or sell any security. Renaissance Capital, the
Renaissance IPO ETF (symbol: IPO)
Global IPO Fund (symbol: IPOSX)
, may have investments in securities of companies mentioned.