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Medical device developer Nexalin Technology (NXL) has filed to raise $10M in an initial public offering aimed at funding development of its neurostimulation devices to treat mental health conditions like anxiety, insomnia and depression.
The Texas-based company filed to offer shares at $5 to $7 per share, with a total raise of approximately $10M. The number of shares offered would be 1.7M if they are priced at the mid-point of its pricing range.
Underwriters will be granted a 45-day option to buy up to 250K additional shares at the public price. Maxim Group is serving as lead bookrunner.
Nexalin plans to list its shares on the Nasdaq under the symbol NXL.
The company has developed a neurostimulation device called Gen-1 for the treatment of anxiety and insomnia. A next-generation product called Gen-2 is being developed to treat anxiety, insomnia and depression.
Nexalin said it is also in the process of forming a joint venture with China’s Wider Come Ltd. to help conduct clinical research and implement a distribution plan for its products in China, Macau, Taiwan and Hong Kong. The JV will be based in Hong Kong.
For the nine months ended Sept. 30, 2021, Nexalin reported a net loss of $3M on revenue of $120K.
For a more in-depth look at Nexalin, check out SA contributor Avisol Capital Partners’ “Nexalin: Neurostimulation Therapy for Anxiety and Insomnia.”