Source: Spectral Medical.
Market Herald logo

Find out more about this capital raise

Be the first with the news that moves the market
  • Spectral Medical (EDT) is sharing details on a C$10 million offering led by Paradigm Capital and A.G.P./Alliance Global Partners
  • The company intends to use the proceeds for studies in support of the Tigris trial, its DIMI device and phase III registration for PMX
  • The offering is expected to close on or about July 27, 2021
  • Spectral Medical is a phase 3 company seeking U.S. FDA approval for Toraymyxin (PMX), its treatment for septic shock
  • Spectral Medical (EDT) is down by 14.13 per cent and is currently trading at $0.395 per share

Spectral Medical (EDT) is sharing details on a C$10 million offering led by Paradigm Capital and A.G.P./Alliance Global Partners.

The institutions have agreed to purchase 23,530,000 units at $0.425 per unit on a bought-deal basis.

Each unit consists of one Spectral common share and one-half of one common share purchase warrant.

Each warrant entitles the holder to acquire one common share for $0.50 for 36 months following the closing date.

The company has granted the underwriters an over-allotment option to purchase up to 3,529,500 units at the issue price, potentially raising the proceeds to $11,500,288.

Spectral intends to use the proceeds for:

  • The phase III registration trial for its PMX treatment for endotoxemic septic shock
  • Product development and regulatory approval for the DIMI home dialysis device
  • Patient enrolment into the DIMI usability trial
  • An observational study in support of the Tigris trial
  • General corporate and working capital purposes

The offering is expected to close on or about July 27, 2021.

Spectral Medical is a phase 3 company seeking U.S. FDA approval for Toraymyxin (PMX), its treatment for septic shock.

Spectral Medical (EDT) is down by 14.13 per cent and is currently trading at $0.395 per share as of 11:27 am ET.

More From The Market Herald

" Brunswick Exploration (TSXV:BRW) announces $4M private placements

Brunswick Exploration (BRW) has announced a non-brokered private placement for proceeds of up to $4 million.

" Hemostemix (TSXV:HEM) announces non-brokered private placement

Hemostemix (HEM) has announced a non-brokered private placement of up to 15 million units.

" Chakana Copper (TSXV:PERU) announces private placement

Chakana Copper (PERU) has announced a non-brokered private placement for gross proceeds of up to C$7 million.