BeneChill, a US-based medical device maker backed by defibrillator manufacturer Physio-Control, has targeted $13.8m from an initial public offering on the New York Stock Exchange.
Founded in 2003, BeneChill is developing rapid cooling products to treat brain ischemia and traumatic brain injury. It has raised approximately $41.6m in equity and $600,000 in debt since then, according to regulatory filings.
The company intends to use the proceeds from the IPO to funds its operations over the next two years as it seeks to secure approval for, and then to distribute its RhinoChill system in the US.
Physio-Control holds an 8.4% stake in BeneChill, while its other prominent shareholders include fund-of-funds HealthCap (21.9%), venture capital firms MedVenture Associates (17.2%) and NGN Capital (16.4%), and philanthropic organisation Rutli Foundation (8.2%).
Dawson James is serving as the sole bookrunner for the offering.