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Epilepsy device developer NeuroSigma has withdrawn its $50M IPO plans

The Los Angeles-based company developing its drug-resistant epilepsy system has officially backed out of its IPO plans.

NeuroSigma Systems has decided to backtrack on its plans for an initial public offering that it registered for last August. The IPO could have brought in up to $50 million the company for its drug-resistant epilepsy system.

October of last year, the company said it planned to sell 3.6 million shares on the NASDAQ exchange for between $13 and $15 each, reserving the symbol NSIG. But according to the current SEC filing, those plans have now reversed and there is not a present plan to pursue an IPO in the future.

The Los Angeles-based company is developing the Monarch eTNS system. The system works by delivering electrical signals through the forehead that stimulates the trigeminal nerve. Although the system doesn’t require implants like vagus nerve stimulation and deep-brain stimulation, the company is also creating an implantable version.

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Despite this change of plans, NeuroSigma has already received approval to market Monarch eTNS in Canada in Europe. The FDA has also allowed an investigational device exemption for U.S. trials.

The reasoning behind withdrawing the IPO isn’t clear.

Photo: Flickr user Allan Ajifo