Mobia Medical’s IPO Aims to Expand Stroke Rehab Device
Mobia Medical, a company specializing in neurostimulation devices for stroke treatment, went public on Friday, raising approximately $150 million with shares valued at $15 each. Despite a 21% drop to $11.75 by market close, CEO Richard Foust is optimistic about the potential to make their vagus nerve stimulation treatment the standard of care for stroke.
Details of the Offering
The Vivistim device, FDA approved in 2021 and marketed since 2023, is the only FDA-approved solution for chronic ischemic stroke survivors with moderate to severe upper extremity impairment. Mobia plans to use the IPO proceeds to increase access and awareness of Vivistim, with expansion plans for their U.S. territory managers.
Company Background
Founded with the mission to aid stroke survivors in regaining arm function, Mobia Medical is based in the U.S. and has been at the forefront of developing neurostimulation technology for medical rehabilitation.
Market Context
This move by Mobia Medical is significant as it targets a large unmet market, with 9 million stroke survivors in the U.S. seeking rehabilitation options. The decision to go public during a volatile stock market reflects the company’s confidence in its technology and the demand for innovative stroke rehab solutions.
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Source: MedTech Dive