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Neuronetics sets price range for IPO

Neuronetics Inc. expects to price its IPO of 5 million stock in the range of $14 per share and $16 per share.

The Malvern, Pa.-based medical technology company is offering 5 million common shares under the IPO to list on the Nasdaq Global Market under the STIM symbol.

The company plans to use the net proceeds to commercialize its NeuroStar therapy system for the treatment of depression which is already approved by the U.S. Food and Drug Administration.

The therapy works by sending magnetic waves to the areas of the brain that are underactive in depression, according to the company's website.

Piper Jaffray & Co., William Blair & Co. LLC, Canaccord Genuity LLC, BTIG LLC and JMP Securities LLC are acting as underwriters in the IPO.

The underwriters can buy up to an additional 750,000 shares from the company.