HeartSTAT to raise $5 million through private placement of convertible preferreds

By Sheri Kasprzak

Atlanta, Nov. 18 - HeartSTAT Technology Inc. said Thursday it plans to raise $5 million through a private placement.

The company will sell convertible preferred shares, but pricing details on the deal could not be obtained by press time Thursday.

According to the company's investor relations department, the details of the deal are currently being worked out.

The company has retained investment bank U.S. EURO Securities Inc. to provide services related to the offering.

HeartSTAT is a Los Angeles-based company focused on marketing a system to monitor blood-flow perfusion and heart dynamics. Proceeds from the deal will be used to complete its final state research and diagnostics for its system.

On Thursday, the company's stock closed down $0.01 at $0.59.

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