Tivic Health Systems, which makes a non-invasive neuromodulation device for sinus and nasal inflammation, raised $15 million by offering 3 million shares at $5, the low end of the range of $5 to $6. The company offered 0.3 million more shares than anticipated. At pricing, Tivic Health Systems commands a fully diluted market value of $48 million. Because its market cap is less than $50 million at pricing, Tivic will be excluded from Renaissance Capital's stats.
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 plans to list on the Nasdaq under the symbol TIVC. ThinkEquity acted as sole bookrunner on the deal.
