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(Reuters) – U.S. medical device maker electroCore Llc’s initial public offering is expected to price at $15 per share, Chief Executive Officer Frank Amato told Reuters on Thursday.
ElectroCore, which is backed by the venture capital arm of Merck & Co, is set to debut on the Nasdaq on Friday under the ticker symbol “ECOR”. The Basking Ridge, New Jersey-based electroCore’s 5.2 million share offering is raising $78 million.
The company intends to use the proceeds to commercialize its medical device gammaCore in the United States and to research treatments for neurological and rheumatological conditions, Amato said.
Last year, U.S. health regulators approved gammaCore to treat cluster headaches, a condition that affects around 350,000 people in the United States.
The hand-held device, which can be self-administered, treats the severe form of headache by applying a mild electrical signal to the vagus nerve through the skin.
BTIG, Evercore ISI, Cantor Fitzgerald and JMP Securities were underwriters to the offering.
Reporting by Tamara Mathias and Nikhil Subba in Bengaluru, Editing by Rosalba O’Brien
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