U.S. medical device maker electroCore Inc’s initial public offering is expected to price at $15 per share, Chief Executive Officer Frank Amato told Reuters.
ElectroCore, which is backed by the venture capital arm of Merck & Co, is set to debut on the Nasdaq on Friday under the ticker symbol “ECOR”. The Basking Ridge, New Jersey-based electroCore’s 5.2 million share offering is raising $78 million.
Last year, U.S. health regulators approved gammaCore to treat cluster headaches, a condition that affects around 350,000 people in the United States.
BTIG, Evercore ISI, Cantor Fitzgerald and JMP Securities were underwriters to the offering.
(Reporting by Tamara Mathias and Nikhil Subba in Bengaluru, Editing by Rosalba O’Brien)