trending Market Intelligence /marketintelligence/en/news-insights/trending/6dbzcy-bawxhqm75smrsda2 content esgSubNav
In This List

ElectroCore discloses share count, price range for IPO

Blog

A Pharmaceutical Company Capitalizes on M&A Activity with Brokerage Research

Blog

2021 Year in Review: Highlighting Key Investment Banking Trends

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Global M&A By the Numbers: Q3 2021


ElectroCore discloses share count, price range for IPO

ElectroCore LLC plans to sell 4,333,333 common shares at a price between $14 and $16 apiece in an IPO.

The bioelectronic medicine company has also granted the underwriters an option to buy up to 649,999 additional shares in the offering.

ElectroCore has applied to list its common stock on the Nasdaq Global Select Market under the symbol ECOR. It plans to change its name to electroCore Inc. before the closing of this offering.

Certain direct and indirect unit holders of the company, including entities related to electroCore's directors, have shown interest in buying about $20 million of the shares in the offering.

The healthcare technology company expects to receive net proceeds from the IPO of about $57.0 million, or $66.0 million if the underwriters fully exercise their option to buy additional shares, based on an offering price of $15.00 per share.

Basking Ridge, N.J.-based electroCore plans to use $35.0 million of the net proceeds to hire additional territory business managers and expand marketing programs for the commercial launch of its gammaCore products in the U.S., initially for the acute treatment of migraine and episodic cluster headache.

The company also plans to use $10.0 million of the proceeds to fund the expansion of its clinical program for additional uses in headache and rheumatology. About $3.0 million of the proceeds will be used to fund the build-out of a specialty distribution channel for the launch of gammaCore Sapphire, the successor to gammaCore, in the third quarter of 2018.

ElectroCore will use the remaining proceeds for working capital, including inventory and other corporate purposes.

Evercore Group LLC, JMP Securities LLC and BTIG LLC are acting as underwriters for the IPO.