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EnteroMedics Inc Announces Pricing Of $13 Million Public Offering Of Common Stock and Warrants

Friday, 22 Feb 2013 09:09am EST 

EnteroMedics Inc announced that it has priced an underwritten public offering of 13,770,000 shares of its common stock and warrants to purchase 5,508,000 shares of its common stock. Each share of common stock sold in this offering will be sold with a warrant to purchase 0.40 of a share of common stock. Each share and corresponding warrant will be sold at an aggregate price to the public of $0.95, for gross proceeds of $13,081,500. The net proceeds from the sale of the shares and corresponding warrants, after deducting the underwriter's discounts and other estimated offering expenses payable by the Company, will be approximately $12.0 million. The warrants are exercisable for a period of five years beginning on the closing date of the offering at an exercise price of $1.14 per share (120% of the aggregate offering price for a share of common stock and corresponding warrant).The Company currently intends to use the net proceeds from this offering to continue work toward regulatory approval of the Maestro RC System in the United States, for international commercialization efforts, for clinical and product development activities and for other working capital and general corporate purposes. The offering is expected to close on or about February 27, 2013, subject to the satisfaction of customary closing conditions. Craig-Hallum Capital Group LLC is acting as the sole book-running manager for the offering. 

Company Quote

0.01 +0.64%
22 Jul 2014