Tivic Health (Nasdaq:TIVC) announced today that it priced its previously announced public offering of common stock at $2.1 million.
News of this offering follows the pricing of a $1.8 million offering of common stock last week.
San Francisco-based Tivic’s offer includes 51.25 million shares of common stock priced at 4¢ per share. The company expects proceeds to total $2.1 million before deducting fees and expenses. It earmarked proceeds for working capital and general corporate purposes.
Tivic expects the offering to close on or about July 19, subject to customary conditions. Maxim Group serves as the sole placement agent on a reasonable best-efforts basis for the offering.
Tivic develops bioelectronic medicine. Its offerings include 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.
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.