New World Technologies Inc. is planning an IPO to raise up to $10 million.

The Hauppauge, N.Y.-based medical-device maker is planning to offer a minimum of 100,000 common shares and a maximum of 2 million shares at $5 apiece.

New World will apply to list its shares on the OTCQB or on the OTC pink sheets.

The company plans to use the net proceeds to fund the development and commercialization of its initial product, Cardiovascular Spectrum Diagnostic System. The system is a portable device that assesses coronary and cardiovascular function and can potentially find the location and size of any blockages in the heart muscle.

The remainder of the proceeds will be used for developing complementary products and for general corporate purposes, including working capital.

The IPO is being undertaken without an underwriter, the company said in an SEC filing.