Renaissance Capital logo

Inflammation-focused device maker Tivic Health Systems sets terms for $15 million IPO

September 9, 2021

Tivic Health Systems, which makes a non-invasive neuromodulation device for sinus and nasal inflammation, announced terms for its IPO on Thursday.

The Newark, CA-based company plans to raise $15 million by offering 2.7 million shares at a price range of $5 to $6. At the midpoint of the proposed range, Tivic Health Systems would command a fully diluted market value of $51 million.

Tivic is a commercial-phase bioelectronic medicine company focused on inflammation. Its first product, ClearUP Sinus Relief, is a patented handheld device that uses ultra-low current electrical waves to relieve symptoms of sinus and nasal inflammation. ClearUP is a US FDA Class II and EU Class IIa medical device that has received three regulatory clearances. The company is currently preparing a second-generation version of ClearUP (ClearUP Gen 2), which is covered by the same patents.

Tivic Health Systems was founded in 2016 and booked $1 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol TIVC. ThinkEquity is the sole bookrunner on the deal.