Deal offers stock sold at 1.1% discount to fund clinical trials
By Devika Patel
Knoxville, Tenn., Feb. 4 - ArtVentive Medical Group, Inc. said it has arranged a private placement of stock. The deal will raise $10 million; the company has already received a firm commitment for $1.95 million.
The company is selling common shares at a minimum of $0.90 per share, which is a 1.1% discount to the Feb. 3 closing share price of $0.91.
Proceeds will be used for clinical trials and regulatory approvals.
San Marcos, Calif.-based ArtVentive is a medical device company that develops, manufactures and markets endoluminal occlusion devices.
| Issuer: | ArtVentive Medical Group, Inc.
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| Issue: | Common stock
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| Amount: | $10 million
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| Price: | $0.90 (minimum)
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| Warrants: | No
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| Stock symbol: | OTCBB: AVTD
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| Stock price: | $0.91 at close Feb. 3
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