Tivic Health Systems (Nasdaq:TIVC) announced today that it priced an offering of its common stock worth approximately $1.8 million.
San Francisco-based Tivic priced the offering of 32.5 million shares of its common stock at $0.055 per share.
The company intends to use the net proceeds for working capital and general corporate purposes.
Tivic said it expects to close the offering on or about July 11. It remains subject to the satisfaction of customary closing conditions.
Maxim Group LLC serves as the sole placement agent on a reasonable best-efforts basis for the offering.
Tivic develops bioelectronic medicine, including a patented technology platform that leverages stimulation on the trigeminal, sympathetic, and vagus nerve structures. Its non-invasive and targeted approach to treating inflammatory chronic health conditions enables drug-free solutions. The company said its offerings also feature high safety profiles, low risk and broad applications.
ClearUP, Tivic’s first commercial product, is a handheld bioelectronic sinus device. It has FDA approval for treating chronic sinus pain. In 2021, the FDA expanded the indication for use of ClearUp to include congestion from allergies, the flu and the common cold.
Earlier this year, Tivic filed for a U.S. patent for noninvasive vagus nerve stimulation tech. The company aims to eliminate the need for surgery by providing non-invasive stimulation through bioelectronic technology. The technology features a novel circuit design for more precise targeting of the signals carried by the vagus nerve.
