By Sheri Kasprzak
New York, June 1 - Endologix, Inc. sealed up agreements with a group of institutional investors for a $20.13 million direct placement of stock.
The investors have agreed to buy 6.1 million shares at $3.30 each, an 8.5% discount to the company's $3.61 closing stock price on May 31.
The shares will be sold under the company's shelf registration.
Canaccord Adams Inc. is the placement agent.
The deal is slated to close Friday.
The proceeds will be used to accelerate the company's sales force recruitment and expand its marketing efforts in the United States for the Powerlink System, which includes an endovascular graft and delivery system to treat abdominal aortic aneurysm. The rest will be used for working capital.
Located in Irvine, Calif., Endologix develops minimally invasive treatments for vascular diseases.
| Issuer: | Endologix, Inc.
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| Issue: | Stock
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| Amount: | $20.13 million
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| Shares: | 6.1 million
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| Price: | $3.30
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| Warrants: | No
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| Placement agent: | Canaccord Adams Inc.
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| Announcement date: | June 1
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| Settlement date: | June 2
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| Stock symbol: | Nasdaq: ELGX
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| Stock price: | $3.61 at close May 31
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