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Melbourne’s Epiminder, which counts the $18.6 billion Cochlear as its largest shareholder, has spent six years developing its sub-scalp device to detect seizures for epilepsy patients. Now it’s within inches of gaining Food and Drug Administration approvals and is turning its mind to an IPO.

Epiminder has hired E&P Financial as sole lead manager to raise up to $25 million at a $200 million-plus valuation, a fortnight after it resubmitted its FDA application with the ‘breakthrough’ designation, which gives it priority processing with the regulatory body.

Potential investors have been told the October 18 application has the all-clear on biocompatibility and usability and should be approved by 2025, following which it wants to debut on the ASX boards by next Christmas.

The round is structured as a pre-IPO convertible note and Cochlear and a handful of other investors had committed to $10 million at book launch last week. Cornerstone commitments are due on November 11, with allocations to be done by December 3.

Read the full story tomorrow and more on the Street Talk page.

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Click here for the latest equity market wrap.