Nalu Medical, which is commercializing a nerve stimulation implant for chronic neuropathic pain, withdrew its plans for an initial public offering on Friday. It originally filed in July 2021 with a proposed deal size of $100 million.
Nalu states that its miniaturized implantable pulse generator (IPG) delivers gentle electrical pulses to the nervous system to modulate pain signals to the brain, addressing unmet need for chronic neuropathic pain with clinical and practical benefits of a battery-free, minimally invasive implant. The company is targeting both spinal cord stimulation (SCS) and peripheral nerve stimulation (PNS) indications. Its device received clearance in 2019, but Nalu delayed its commercial launch due to the pandemic; in the first quarter it generated revenue of $1.4 million.
The Carlsbad, CA-based company was founded in 2014 and booked $5 million in revenue for the 12 months ended March 31, 2021. It had planned to list on the Nasdaq under the symbol NALU. J.P. Morgan, BofA Securities, and William Blair were set to be the joint bookrunners on the deal.
