NeurAxis Inc. (NRXS), the manufacturer of the IB-Stim pain relief device to help IBS patients ages 11-18, raised $6.59 million by pricing its IPO at $6.00, as expected. The medical device maker announced its IPO pricing today (Wednesday, Aug. 9, 2023) – within an hour of when its stock was expected to make its trading debut on the NYSE – American Exchange. NeurAxis priced 1.1 million shares (1,098,667 shares) – slightly less than the 1.17 million shares (1,166,667 shares) in the prospectus.
Alexander Capital was the sole book-runner.
Shares of NeurAxis opened today at $6.30, up 30 cents or up 5 percent, from their IPO price. NeurAxis shares closed at $6.00 on Wednesday, Aug. 9, 2023, their first day of NYSE – American Exchange (Amex) trading.
NeurAxis, based in Carmel, Indiana, says its IB-Stim device uses its proprietary PENFS technology to provide stimulation (neuromodulation) and give pain relief to pre-teens and teens who are suffering from IBS (irritable bowel syndrome), according to the prospectus. The company has sold its IB-Stim device to about 50 children’s hospitals within its target market, the prospectus says.
The company has a history of net losses, according to the prospectus.
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