- Spectral Medical (EDT) has closed its bought deal offering
- 23,530,000 units were offered at a price of $0.425 per unit for gross proceeds of approximately $10 million
- The offering was conducted by Paradigm Capital Inc. and A.G.P./Alliance Global Partners
- Net proceeds from the offering will be used for the Phase III registration trial of its PMX treatment and patient enrolment into the DIMI usability trial
- Spectral Medical Inc develops and markets a treatment for septic shock
- Spectral Medical Inc. (EDT) opened trading at C$0.38 per share
Spectral Medical (EDT) has closed its bought deal offering.
The offering was conducted by Paradigm Capital Inc., as sole Canadian underwriter and bookrunner, and A.G.P./Alliance Global Partners, as the exclusive U.S. placement agent.
The offering consisted of the sale of 23,530,000 units, at a price of $0.425 per unit for gross proceeds of the offering were approximately $10 million.
Each unit consisted of one common share and one-half of one purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $0.50 for a period of 36 months from today’s date.
The underwriters received a cash commission equal to 6.5 per cent of the gross proceeds of the offering. Spectral Medical also issued the underwriters compensation options equal to 6.5 per cent of the units issued. Each compensation option entitling the holder to acquire one share at a price of $0.486 for a period of 24 months from today’s date.
Net proceeds from the offering will be used for the Phase III registration trial of its PMX treatment for endotoxemic septic shock, patient enrolment into the DIMI usability trial, product development and regulatory approval for the DIMI device, an observational study in support of Tigris, and for general corporate and working capital purposes.
Spectral is a Phase 3 company seeking U.S. FDA approval for its unique product for the treatment of patients with septic shock.
Spectral, through its wholly-owned subsidiary, Dialco Medical Inc., is also commercializing a new set of proprietary platforms addressing renal replacement therapy across the dialysis spectrum.
Spectral Medical Inc. (EDT) opened trading at C$0.38 per share.