Epilepsy treatment developer NeuroPace (NSDQ:NPCE) shares skyrocketed today during its first day of trading on the Nasdaq market.
Mountain View, Calif.-based NeuroPace shares were trading up 37.4% at $23.35 per share in mid-afternoon trading today.
The company announced last month that it filed with the SEC to raise up to $75 million in an initial public offering. According to a news release, the IPO was upsized from the initial expectations, with the company offering 6 million shares of common stock at $17 per share, totaling gross proceeds of $102 million.
Additionally, the company is offering underwriters a 30-day option to purchase up to an additional 900,000 shares of its common stock at the initial offering price. The company expects the offering to close on April 26 after shares began trading on the Nasdaq today under the NPCE ticker.
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.