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Cardica Inc prices public offering of common stock and preferred stock


Wednesday, 16 Apr 2014 08:00am EDT 

Cardica Inc:Prices of an underwritten public offering of 32,500,000 shares of its common stock at a price of $0.85 per share and 191,474 shares of its Series A convertible preferred stock, offered at a price of $85.00 per share.Gross proceeds are expected to be $43.9 mln.Offering is expected to close on or about April 22.Intends to use net proceeds for general corporate purposes, including the costs of sales and marketing activities for the U.S. launch of Cardica's MicroCutter XCHANGE 30, research and development activities, and general and administrative and manufacturing expenses.Wedbush PacGrow Life Sciences is acting as sole book-running manager for the offering.Craig-Hallum Capital Group is acting as co-manager for the offering. 

Company Quote

0.697
0.0070 +1.01%
26 Dec 2014