Refractory focal epilepsy treatment developer NeuroPace last week filed with the SEC to raise up to $75 million in an initial public offering.
Mountain View, Calif-based NeuroPace develops the RNS system, which it touts as the world’s only closed-loop brain-responsive neurostimulation system designed to prevent seizures at their source.
The RNS system includes a neurostimulator, leads placed at the seizure foci, a remote monitor for uploading data and an RNS tablet and patient data management system for physicians to view data on a secure website and use to personalize therapy.
In the prospectus for the company’s IPO, NeuroPace said that, as of Dec. 31, 2020, more than 3,000 patients had received its RNS system. The company plans to list on the Nasdaq under the NPCE ticker, having confidentially filed for the IPO on Jan. 29, 2021.
NeuroPace said the principal purpose of the IPO is to collect additional capital ahead of expansion for its sales and marketing efforts, as well as with R&D and clinical studies. Additionally, a portion of the proceeds will be used to repay the approximately $4 million collected by the company under its Paycheck Protection Program loan, which is scheduled to mature in April 2022 with a 1% annual interest rate.