October 6, 2014 by Alexander Soule
Nevro plans to raise more than $100 million in an initial public offering of stock for its implantable spinal cord stimulation system to treat chronic pain.
Nevro Corp. said it plans to raise more than $100 million in an initial public offering of stock for its implantable spinal cord stimulation system to treat chronic pain.
Menlo Park, Calif.-based Nevro plans to trade on the NASDAQ exchange under the NVRO, according to a regulatory filing. At the maximum price listed in the registration, the offering would be worth $115 million.
Founded in 2006, Nevro has been led since 2011 by ex-Medtronic (NYSE:MDT) COO Michael DeMane. The company has raised more than $153 million so far from backers including Johnson & Johnson (NYSE:JNJ), Covidien (NYSE:COV), Novo Nordisk and New Enterprise Assoc. A Series C round brought it $48 million last year.
