: Medtech company NeurAxis upsizes IPO and lowers price to $6 a share vs. $8 previously

NeurAxis, a medical technology company with an FDA-approved therapy to treat abdominal pain associated with IBS in adolescents aged 11 to 18 years old, tweaked the terms of its initial public offering on Friday. In a filing with the Securities and Exchange Commission, the company said it now plans to offer 1.7 million shares priced at $6 each, while selling shareholders will offer 2.8 million shares. The company previously planned to offer 937,500 shares priced at $8, with selling shareholders to offer 1.8 million shares. The company has applied to list on the New York Stock Exchange under the ticker ‘NRXS.’ Alexander Capital L.P. is sole underwriter on the deal. Proceeds will be used for R&D, sales and marketing, executive officer contract payments, debt repayment and general corporate purposes. The company had a net loss of $2.2 million for the quarter to end March, wider than the loss of $500,000 recorded in the year-earlier period. “As of March 31, 2023, we had an accumulated deficit of $36.1 million. Our auditors have expressed substantial doubt about our ability to continue as a going concern paragraph in their audit opinion,” the company says in its filing documents. The Renaissance IPO ETF IPO has gained 41% in the year to date, while the S&P 500 SPX has gained 18%.

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