- Spectral Medical (EDT) is sharing details on a C$10 million offering led by Paradigm Capital and A.G.P./Alliance Global Partners
- The company intends to use the proceeds for studies in support of the Tigris trial, its DIMI device and phase III registration for PMX
- The offering is expected to close on or about July 27, 2021
- Spectral Medical is a phase 3 company seeking U.S. FDA approval for Toraymyxin (PMX), its treatment for septic shock
- Spectral Medical (EDT) is down by 14.13 per cent and is currently trading at $0.395 per share
Spectral Medical (EDT) is sharing details on a C$10 million offering led by Paradigm Capital and A.G.P./Alliance Global Partners.
The institutions have agreed to purchase 23,530,000 units at $0.425 per unit on a bought-deal basis.
Each unit consists of one Spectral common share and one-half of one common share purchase warrant.
Each warrant entitles the holder to acquire one common share for $0.50 for 36 months following the closing date.
The company has granted the underwriters an over-allotment option to purchase up to 3,529,500 units at the issue price, potentially raising the proceeds to $11,500,288.
Spectral intends to use the proceeds for:
- The phase III registration trial for its PMX treatment for endotoxemic septic shock
- Product development and regulatory approval for the DIMI home dialysis device
- Patient enrolment into the DIMI usability trial
- An observational study in support of the Tigris trial
- General corporate and working capital purposes
The offering is expected to close on or about July 27, 2021.
Spectral Medical is a phase 3 company seeking U.S. FDA approval for Toraymyxin (PMX), its treatment for septic shock.
Spectral Medical (EDT) is down by 14.13 per cent and is currently trading at $0.395 per share as of 11:27 am ET.
