NeurAxis Gains $3 Million in Financing

NeurAxis Inc. has secured a $3 million financing through a preferred stock offering priced at $2.38 per share.

The transaction by affiliates of Inspire Health Alliance, which has a strong presence in the gastrointestinal and pediatric space, will help fund additional sales and marketing resources as the company continues to ramp up commercialization efforts.
 
“We are focused on driving market penetration of our therapies, led by our proprietary IB-Stim technology and beginning 2024, our rectal expulsion device (RED). This committed funding adds to our growth capital to further support and accelerate NeurAxis’ sales and marketing efforts,” NeurAxis President/CEO Brian Carrico said. “We remain highly engaged with payors to increase the written policy coverage of IB-Stim and in dialogue with the FDA for additional IB-Stim indications, as well as RED’s anticipated 510(k) clearance pathway, targeting commercialization in 2024 and meaningful revenues from RED beginning in 2024.”
 
NeurAxis Inc., is a medical technology company focused on neuromodulation therapies to address chronic and debilitating conditions in children and adults. NeurAxis is dedicated to advancing science and leveraging evidence-based medicine to drive the adoption of its IB-Stim therapy, which is its proprietary Percutaneous Electrical Nerve Field Stimulation (PENFS) technology. IB-Stim is cleared by the U.S. Food and Drug Administration for functional abdominal pain associated with irritable bowel syndrome (IBS) in adolescents 11-18 years old. Additional clinical trials of PENFS in multiple pediatric and adult conditions with large unmet healthcare needs are underway.