Osprey Medical raises $7m, looks to raise $8m in entitlement offer

Osprey Medical (ASX:OSP) said today that it inked deals that could bring in up to $14.5 million for the company to support continued growth and accelerated commercialization of its product platform. The Minneapolis, Minn.-based company said it inked a $7 million private placement deal with investment management firm Allan Gray for approximately 64.5 million Chess Depository Interests, representing approximately 32.3 million shares of common stock at a price of 11¢ per share. Funds from the placement will support expanding the company’s US sales team, supporting post-approval market trials, R&D and an accelerated pilot sales program in Western Europe. Osprey Medical said it is also offering existing CDI holders in Australia, New Zealand, Hong Kong and Singapore an entitlement offer for one new CDI for every five they already hold at a price of 11¢ per share. The offering could bring in a maximum of approximately $7.6 million (AUD $10.5 million), according to a press release. In August, Osprey said that it raised $17.6 million (AUD $22.2 million) from an oversubscribed offering of Chess Depository Interests, and that it is looking to raise an additional $8.2 million (AUD $10.3 million) in an entitlement offer. The post Osprey Medical raises $7m, looks to raise $8m in entitlement offer appeared first on MassDevice.
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Osprey Medical Source Type: news