Nalu Medical, a US-based pain management system producer backed by fellow medical device manufacturer Boston Scientific Corporation, has filed to raise $100m in an initial public offering.
Founded in 2014, Nalu is commercialising an implantable pulse generator (IPG) device commercially launched in the second half of 2020 that can regulate pain signals sent to the brain by delivering electrical pulses to the nervous system.
The product can address chronic pain conditions through spinal cord stimulation and peripheral nerve stimulation. It is powered by an externally worn therapy disc and can be operated through a mobile app.
The IPO filing shows Nalu received $65m of series C funding in July 2020 from investors including Boston Scientific, Advent Life Sciences, Longitude Capital, Decheng Capital and Endeavour Vision, Boston Scientific having provided $35m in series B funding two years earlier.
The company raised $11.9m from undisclosed investors in 2015 as part of a round with a $28.8m target for its close, according to a regulatory filing.
Boston Scientific owns a 32.4% stake in Nalu while Longitude Capital has 15.9%, Decheng Capital 14.7%, Advent Life Sciences 14.1% and Endeavour Vision 13.6%.
JP Morgan, BofA Securities, William Blair, BTIG and JMP Securities are the underwriters for the IPO, which is set to take place on the Nasdaq Global Market.