Mobia Medical, which sells a nerve stimulation implant for chronic ischemic stroke, raised $150 million by offering 10 million shares at $15, within the $14 to $16 range. At pricing, the company commands a fully diluted market value of $549 million.
Mobia's Vivistim Paired Vagus Nerve Stimulation System is the first and only clinically-validated, FDA-approved solution for chronic ischemic stroke survivors with moderate to severe upper extremity impairments. The system includes an implanted pulse generator and lead that deliver stimulation during functional movement in order to increase neuroplasticity and durably restore motor function. Management estimates that there are over four million chronic ischemic stroke survivors, of which one million have the health, cognition, and motivation to participate in post-stroke therapy, representing a $30 billion opportunity based on the system's price.
The Austin, TX-based company will trade on the Nasdaq under the symbol MOBI. BofA Securities, J.P. Morgan, Goldman Sachs, and BTIG acted as joint bookrunners on the deal.
