Electrocore registers $75m IPO

Electrocore yesterday registered for an initial public offering worth nearly $75 million, detailing plans to expand its GammaCore device beyond the two headache treatments it’s already cleared for in the U.S. The Basking Ridge, N.J.-based company said in a regulatory filing that it plans to use the $74.8 million IPO’s net proceeds to expand its sales territories ahead of a full U.S. launch for GammaCore; R&D into other headache and rheumatology indications; and a specialty distribution channel for the GammaCore Sapphire device. The company would trade on the NASDAQ exchange under the “ECOR” symbol, according to the filing. The cash could also go toward M&A, but no plans are in place for any transactions, Electrocore said. The initial IPO registration was filed confidentially Feb. 13, with the company reporting sales of $1 million for the 12 months ended March 31. ElectroCore filed confidentially on February 13, 2018. founded in 2005 and booked $1 million in sales for the 12 months ended March 31, according to the SEC filing unveiled yesterday. The GammaCore device is a non-invasive, hand-held vagus nerve stimulation device designed for the reduction of pain that delivers electrical stimulation through the skin to activate the vagus nerve. Its successor, the Sapphire iteration, is a rechargeable and reloadable version intended for multi-year use, the Electrocore said. The company, which won 510(k) clearance from the FDA for an expanded adult...
Source: Mass Device - Category: Medical Devices Authors: Tags: Funding Roundup Initial Public Offering (IPO) Neuromodulation/Neurostimulation Wall Street Beat electroCore Source Type: news