Cortigent Inc revealed terms on Wednesday for its initial public offering (IPO).
The Valencia, California developer of camera-based neural implants that restore partial vision to the blind said it plans to raise $15 million by offering 1.5 million company shares at a price of $10 per share.
At the midpoint of the proposed offering range, the company would have a market valuation of $65 million.
Cortigent noted it plans to list on the Nasdaq under the symbol ‘CRGT’.
The company, which was founded in 1998, is developing systems that use a camera mounted on glasses combined with a brain implant that delivers targeted electrical neurostimulation to provide artificial vision, which provides the perception of light and shapes.
Its first commercial system, Argus II, was approved by the US Food and Drug Administration (FDA) in 2013 under a Humanitarian Device Exemption, but discontinued in 2019 due to commercial considerations.
Since then, the company has substantially completed an early feasibility trial of a more advanced system for artificial vision called Orion.
ThinkEquity is the sole bookrunner for the offering.
Contact Sean at sean@proactiveinvestors.com