Offering conducted via agent Dawson James Securities at $0.20 per unit
By Devika Patel
Knoxville, Tenn., Dec. 21 - Cambridge Heart Inc. said it completed a private placement of units. Dawson James Securities, Inc. was the agent for the $2.9 million deal.
The company sold 14.5 million units of one common share and one warrant at $0.20 per unit. Each whole warrant is exercisable at $0.25 for five years. The strike price reflects a 31.58% premium to the Dec. 20 closing share price of $0.19.
"Proceeds from this transaction will provide the capital necessary to fund operations as we execute on the next phase of commercialization for our MTWA module and continue clinical work related to the application of MTWA to identify patients with ischemia," president and chief executive officer Ali Haghighi-Mood said in a press release.
Based in Bedford, Mass., Cambridge Heart develops noninvasive diagnostic tools for cardiac arrest and ventricular arrhythmia.
| Issuer: | Cambridge Heart Inc
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $2.9 million
|
| Units: | 14.5 million
|
| Price: | $0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.25
|
| Agent: | Dawson James Securities, Inc.
|
| Settlement date: | Dec. 21
|
| Stock symbol: | OTCBB: CAMH
|
| Stock price: | $0.19 at close Dec. 20
|
| Market capitalization: | $17.08 million
|
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