By Josh Beckerman
Medical-device company Nevro Corp. disclosed its plans for an
initial public offering on Friday, intending to use proceeds for
its efforts toward U.S. regulatory approval and a commercial launch
of a pain-relief system.
The Menlo Park, Calif., company submitted a confidential draft
registration statement to the Securities and Exchange Commission in
August and a revised statement in September.
Under the JOBS Act, a 2012 law aimed at addressing concerns that
small companies were constrained by regulation, companies with
revenue below $1 billion are allowed to keep their filings
confidential until they are ready to market the shares to potential
investors.
Nevro's Senza system, available in Europe and Australia,
provides spinal cord stimulation therapy that uses electrical
pulses to relieve pain.
In June, the company submitted a premarket approval application
to the U.S. Food and Drug Administration, and is preparing for a
commercial launch by early 2016 if the system receives FDA
approval.
Nevro raised $22 million in 2008. Johnson & Johnson
Development Corp., the venture capital unit of Johnson &
Johnson, led a $58 million financing round for Nevro in 2011, and
also participated in a $48 million round in 2013.
J.P. Morgan and Morgan Stanley are the joint book-running
managers. Nevro said it plans to raise up to $115 million in the
IPO, but that is a placeholder amount used in deciding registration
fees and will likely change.
The company plans to list its stock on the New York Stock
Exchange under the symbol NVRO.
Write to Josh Beckerman at josh.beckerman@wsj.com
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