ClearPoint Neuro launches proposed public offering of common stock

ClearPoint Neuro has commenced a proposed underwritten public offering of 2,307,694 shares of its common stock at $6.50 per share. In January, the company posted fourth quarter and full-year 2023 preliminary unaudited financial highlights reporting that it had achieved approximately $24 million in revenue, a 17% year-over-year increase. The company noted that its biologics and drug delivery revenue was approximately $13.6 million, a 49% year-over-year increase. At the end of the year, the company had approximately $23.1 million in cash and cash equivalents, according to that report. However, in its November 2023 SEC filing, the company said that as of September 2023, it had accumulated losses of $167.8 million. ClearPoint said it expects to grant the underwriters a 30-day option to purchase additional shares of common stock in an amount of up to 15% of the number of shares sold in the offering. The common stock offering is subject to market and other conditions. The company intends to use the net proceeds from this offering for general corporate purposes, which may include research and development expenditures, potential acquisitions, investments in business, products, and technologies, or debt repayment. Lake Street Capital Markets, LLC, is acting as the sole book-running manager for the proposed offering.
Source: AuntMinnie.com Headlines - Category: Radiology Authors: Tags: Industry News Source Type: news