Malvern-Based Neuronetics Expects to Raise $75 Million in Stock Offering

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Image via Neuronetics.

Neuronetics, a Malvern-based medical device developer, is expecting to raise $75 million from its public stock offering, writes John George for the Philadelphia Business Journal.

The company is selling 4.84 million shares of common stock at $15.50 each. The public offering was expected to close on Tuesday. Neuronetics stock opened at $17.81 per share on Monday.

And should the underwriters exercise their full option to purchase 726,000 additional shares to cover overallotments, the offering amount could go up by another $11.25 million.

Neuronetics product NeuroStar Advanced Therapy System is a non-invasive, office-based depression treatment. This creates a pulsed, MRI-strength magnetic field using transcranial magnetic stimulation. The field induces electrical currents that stimulate areas of the brain associated with mood.

The company announced last month that its NeuroStar Advanced Therapy Outcomes Registry had reached the milestone of 10,000 enrolled patients across 116 clinical practice sites. The registry was launched five years ago to gather and analyze data from NeuroStar treatments in real-world clinical settings.

Neuronetics will use any funds from the offering for general corporate purposes. These include working capital, research and development, and marketing, as well as evaluating new clinical indications for its technology.

Read more about Neuronetics in the Philadelphia Business Journal here.

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