Medigus prices $7.5m round

Medigus (TLV:MDGS) today priced an upcoming offering, looking to raise approximately $7.5 million. The Israeli company plans to float approximately 979,714 Class A units in the offering at $3.50 per unit, and 1.2 million Class B units at $3.50 per unit. Each Class A unit in the round consists of 1 American Depositary Share and 1 Series A warrant to purchase an additional share, while each Class B unit includes 1 pre-funded ADS purchase warrant and 1 Series A warrant to purchase an additional share. The warrants are exercisable immediatley or at 6 months following the issuance date with a term of 5 years. H.C. Wainwright & Co unit Rodman & Renshaw are acting as exclusive placement agents in the offering, which is expected to close March 29, according to a press release. Medigus said it plans to use funds from the round to support general corporate purposes. In February, Medigus said it won approval from the China Food and Drug Administration to initiate a clinical study of its Muse endoscopic device designed for trans oral fundoplication procedures to treat gastroesophageal reflux disease. The Chinese Muse trial is slated to enroll 62 patients at across 5 centers in China, including The General Hospital of People’s Liberation Army, Renji Hospital in Shanghai, Shanghai Geenral Hospital, Peking University Third Hospital and Navy General Hospital. The post Medigus prices $7.5m round appeared first on MassDevice.
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News Medigus Ltd. Source Type: news