UCLA-spun out NeuroSigma Systems withdrew its plans for an initial public offering that could have brought the company as much as $50 million for its noninvasive system to treat drug-resistant epilepsy.
NeuroSigma is developing the Monarch eTNS system, which delivers mild electrical signals through a forehead patch to stimulate branches of the trigeminal nerve. The Los Angeles-based company is marketing the device as an alternative to vagus nerve stimulation and deep-brain stimulation, both of which require surgical implants. NeuroSigma is also developing a subcutaneous, implantable version of the system.
Last August Neurosigma registered for the $50 million IPO, setting out plans for the funds to support its development.
In October, the company said it planned to sell 3.6 million shares on the NASDAQ exchange for between $13 and $15 each, reserving the symbol NSIG, according to a regulatory filing.
In an SEC filing posted today, the company said it was withdrawing and had no plans to pursue an IPO at this time.
The company received approval to market its system in Europe and Canada and holds an investigational device exemption from the FDA to conduct U.S. trials.
Last August NeuroSigma also said the U.S. Army is funding a Phase II clinical trial at UCLA to treat post-traumatic stress disorder, hard on the heels of a National Institutes of Health trialinvestigating the product to treat ADHD. NeuroSigma employs 11 people led by CEO Leon Ekchian, who previously was president of Arrowhead Research.
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