- Spectral Medical (EDT) has closed a public offering and concurrent private placement
- Spectral closed the prospectus offering of units and concurrent private placement and together with the unit offering of US$5 million of convertible senior notes
- The company raised gross proceeds of approximately $10.8 million through the offering
- The offering consisted of 10,061,250 units at C$0.40 per unit and 5,000 notes at US$1,000 per note
- Spectral Medical Inc. is a Phase 3 company seeking U.S. FDA approval for its unique product for the treatment of patients with septic shock, Toraymyxin (PMX)
- Spectral Medical Inc. was down 2.597 per cent, trading at $0.375 at 10:59 AM ET
Spectral Medical (EDT) has closed its public offering and concurrent private placement for gross proceeds of approximately $10.8 million.
Spectral closed the prospectus offering of units of the company and concurrent private placement and together with the unit offering of US$5 million of convertible senior notes.
The offering consisted of 10,061,250 units at C$0.40 per unit and 5,000 notes at US$1,000 per note.
Each unit consisted of one common share of the company and one-half of one common share purchase warrant of the company, with each warrant entitling the holder to acquire one common share at a price of C$0.48 for a period of 36 months following today’s date.
The notes have a face value of US$1,000 per note, bear interest of 7 per cent and are due on November 1, 2026.
Holders of the notes may convert all or any portion of the notes in integral multiples of the US$1,000 principal amount at any time prior to the maturity date.
Each note is convertible into approximately 2,828 common shares, subject to customary anti-dilution and make-whole fundamental change adjustments.
The company intends to use the net proceeds from the offering for its Phase III registration trial (Tigris) for its PMX treatment for endotoxemic septic shock and general corporate and working capital purposes.
Spectral Medical Inc. is a Phase 3 company seeking U.S. FDA approval for its unique product for the treatment of patients with septic shock, Toraymyxin (PMX).
Spectral Medical Inc. was down 2.597 per cent, trading at $0.375 at 10:59 AM ET.
