EndoStim said it hopes to raise nearly $36 million in an initial public offering, with plans to plow $10 million into clinical studies of its system to treat severe gastroesophageal reflux disease and another $14 million to commercialize the system.

EndoStim is operating from a small headquarters in St. Louis where it employs 13 people, including CEO Bevil Hogg, who took Stereotaxis (NSDQ:STXS) public in a 2004 IPO that raised $44 million.

Santé Health Ventures was the biggest contributor to some $26 million in funding EndoStim secured across three rounds between 2010 and 2014, with the Austin, Texas-based life-sciences investor holding 19% of EndoStim shares heading into the IPO. The company said the IPO could reach $35.8 million if underwriters exercise their over-allotment.

Wedbush Securities is the lead underwriter alongside Craig-Hallum Capital Group and Roth Capital Partners. EndoStim is aiming to sell 3.2 million shares on the NASDAQ exchange under the STIM symbol, priced between $10 and $12 per share.

EndoStim describes its system in form and function to a pacemaker, with the device delivering low-level electrical stimulation to the lower esophageal sphincter, a muscle at the junction of the esophagus and stomach. The company touts the neurostimulation system as minimally-invasive, reversible and preserving intact the anatomy of the esophagus and stomach.

The company says between 15% and 20% of the population suffer from gastroesophageal reflux disease, which is most often treated with proton pump inhibitors like Nexium and Prilosec, which suppress the production of acid in the stomach. Those drugs do not address the functioning of the LES.

EndoStim received CE Mark approval in 2012 to market its system in Europe and has an additional office in The Hague. The company generated $300,000 in revenue last year, reporting a $7.5 million loss.

The FDA has approved an investigational device exemption that allows EndoStim to conduct a clinical trial in the United States.