Waltham, Mass.-based GeNO LLC is hoping to raise as much as $50 million through an initial public offering, with funds slated to further development and commercialization of the company’s GeNOsyl drug delivery technology.

Founded in 2006, GeNO’s technology is comprised of a single-use drug cassette paired with either a wearable controller or a portable console, designed for use either in hospital settings or for longer-term therapy outside of a clinical environment.

The GeNOsyl technology aims to replace the bulky and inconvenient gas tanks, which cam impair mobility and pose safety risks, according to the company’s prospectus. The GeNOsyl mobile system is expected to weigh less than 1 pound.

GeNO plans to start with commercialization of its in-hospital GeNOsyl Acute DS system, estimating that it’ll land European marketing approval by the end of 2015 and FDA approval in 2017. The portable GeNOsyl Chronic DS is still under development, with phase III trials expected by 2015.