Nevro Corp. (NYSE:NVRO) today closed its initial public offering, saying it raised $144.9 million by offering 8.05 million shares at $18 apiece.
The IPO’s underwriters exercised a 1.05 million-share over-allotment, Nevro said. The Menlo Park, Calif.-based company’s stock began trading Nov. 6 under the NVRO ticker symbol.
Last week Nevro raised the stakes on the flotation, saying it would offer half a million more shares at a dollar over the high end of its prior range.
Nevro had planned to issue 6.25 million shares at $15 to $17 apiece in the IPO, 1st announced earlier this month.
Founded in 2006, Nevro has been led since 2011 by ex-Medtronic (NYSE:MDT) COO Michael DeMane. The company has raised more than $153 million so far from backers including Johnson & Johnson (NYSE:JNJ), Covidien (NYSE:COV), Novo Nordisk and New Enterprise Assoc. A Series C round brought in $48 million last year.
In June, the company asked the FDA for premarket approval for its Senza device, a high-frequency spinal cord stimulation system that delivers up to 10,000Hz to the spinal cord. Nevro said previous trials demonstrated that its HF10 therapy is nearly twice as successful in treating back pain as traditional SCS devices, which typically deliver between 40Hz and 60Hz. The company is conducting the Senza-RCT study, a prospective, randomized, controlled pivotal trial comparing Senza to treatment with low-frequency spinal cord stimulation.
Nevro said it hopes to have the Senza device on the U.S. market by early 2016 if approved by the FDA.
Physicians have already implanted Senza in some 2,500 patients in Europe and Australia, with Nevro reporting a $26 million loss in 2013 on revenue of $23.5 million. The company has established subsidiaries in Australia, Switzerland and the U.K. Nevro cited estimates that 84 million people in the United States suffer chronic back pain, costing $34 billion to treat annually and another $100 billion in the form of lost productivity.
NVRO shares were trading at $25.21 apiece as of about 1:10 p.m. Eastern today, up 0.8%.
