Ceribell Looks to Make Its Public Debut Amid Medtech IPO DroughtCeribell Looks to Make Its Public Debut Amid Medtech IPO Drought

The company is trying to raise $101 million in its initial public offering of 6.7 million shares.

Amanda Pedersen

October 8, 2024

2 Min Read
Photo of a patient using the portable AI-powered Ceribell Sysem to monitor potential seizure activity.
The Ceribell System is a portable EEG platform that uses AI to monitor patient seizuresImage courtesy of Ceribell

Ceribell, a company that has developed a portable EEG platform that uses AI to monitor patient seizures, is looking to make its public debut.

The Sunnyvale, CA-based company is trying to raise $101 million in its initial public offering of 6.7 million shares priced between $14 and $16. At the midpoint of the proposed range, Ceribell would command a fully diluted market value of $505.4 million.

The news comes during a relatively dry IPO market. In EY’s Pulse of the Medtech Industry Report, released Monday, the firm’s medtech team highlighted challenges facing emerging medtech companies, including limited access to capital markets.

The authors of the EY report note that there have been fewer medtech companies going public since the start of 2022, although the IPO market did make a slight return in the first half of 2024 after five quarters of almost no activity. Two medtech companies have gone public so far this year, according to the report: Fractyl Health raised $110 million and Tempus AI raised $411 million. Both companies, however, were trading below their IPO price at the end of the first half of the year.

More about Ceribell

Founded in 2014, Ceribell is focused on the diagnosis and management of serious neurological conditions, particularly in acute care settings. Its portable electroencephalography (EEG) platform combines AI-powered algorithms with easy-to-use hardware, enabling rapid diagnosis and continuous monitoring of patients at risk of seizures. The Ceribell System is designed to address the limitations of traditional EEG technology by offering quicker and more accessible brain monitoring, which leads to improved patient outcomes and reduced healthcare costs.

Since its commercialization in 2018, the Ceribell System has been adopted by more than 450 accounts and has been used to care for more than 100,000 patients.

The company published results in late July from a multi-center retrospective study of patient outcomes following use of the system compared to conventional EEG. The findings associated the use of Ceribell with a significant reduction in length of ICU stay, fewer patients discharged with poor functional disability scores, and faster door-to-EEG time compared to conventional EEG. The study was published in Neurocritical Care, the journal of the Neurocritical Care Society.

The company aims to establish the Ceribell System as the standard of care for EEG in acute care settings, with potential for future expansion into other neurological conditions.
Ceribell booked $54 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol CBLL. BofA Securities and J.P. Morgan are the joint bookrunners on the deal. It is expected to price this week.

About the Author

Amanda Pedersen

Amanda Pedersen is a veteran journalist and award-winning columnist with a passion for helping medical device professionals connect the dots between the medtech news of the day and the bigger picture. She has been covering the medtech industry since 2006.

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