CeriBell (CBLL, Financial), a California-based medical device manufacturer, has announced the terms for its initial public offering (IPO). The company plans to issue 6.7 million shares at a price range of $14 to $16 each, aiming to raise approximately $101 million. At the midpoint of the proposed price range, the fully diluted market capitalization would be $505.4 million.
The primary product of CeriBell is an AI-powered EEG platform designed for monitoring seizures in patients. This portable platform, known as the Ceribell System, integrates artificial intelligence algorithms with user-friendly hardware to facilitate quick diagnosis and ongoing monitoring of patients at risk of seizures. This innovation aims to overcome the limitations of traditional EEG technology, offering faster and more convenient brain monitoring, thus enhancing patient outcomes and reducing healthcare costs.
Since its commercialization in 2018, the Ceribell System has been adopted by over 450 accounts and used to care for more than 100,000 patients. CeriBell aims to establish its system as the standard for EEG care in acute care environments with potential future expansion to other neurological conditions.
Founded in 2014, CeriBell reported $54 million in sales for the twelve months ending June 30, 2024. The company plans to list on Nasdaq under the ticker symbol CBLL, with BofA Securities and J.P. Morgan acting as joint bookrunners for the transaction. Pricing is expected during the first week of October 2024.
