ElectroCore LLC plans to sell about $74.8 million of its common stock in an IPO.
The company will also grant the underwriters an overallotment option to buy additional shares.
Basking Ridge, N.J.-based electroCore is a commercial-stage bioelectronic medicine company with a non-invasive vagus nerve stimulation therapy initially focused on neurology and rheumatology.
Electrocore plans to change its name to electroCore Inc. prior to the closing of this offering. The company has applied to list its common stock on the Nasdaq Global Select Market under the symbol ECOR.
The company plans to use the net proceeds from the IPO 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.
Electrocore will also use the proceeds to fund the research and development of gammaCore products for other indications in headache and rheumatology. In addition, the proceeds will be used to fund the build-out of a specialty distribution channel for the launch of gammaCore Sapphire in the third quarter of 2018.
The remaining proceeds will be used to fund working capital and general corporate purposes.
Piper Jaffray & Co., Evercore Group LLC and JMP Securities LLC are acting as underwriters for the offering.
