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EnteroMedics Inc Announces Closing of $13 Million Public Offering of Common Stock and Warrants


Wednesday, 27 Feb 2013 11:15am EST 

EnteroMedics Inc announced the closing of its previously announced 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 the offering was sold with a warrant to purchase 0.40 of a share of common stock at an aggregate price to the public of $0.95 per share and corresponding warrant. Total net proceeds to the Company from the offering are approximately $12.0 million after deducting underwriting discounts and commissions and estimated offering expenses. The warrants are exercisable for a period of five years 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. Craig-Hallum Capital Group LLC acted as the sole book-running manager for the offering. 

Company Quote

1.4
-0.01 -0.71%
24 Dec 2014