Nephros posts $50 million offering
The offering’s secondary securities include nearly 3.5 million shares of the companies common stock, which is currently listed at $8.25 per share in midday trading. Nephros said the aggregate market value of its outstanding common stock on Oct. 31 was approximately $31.7 million, based on more than 7.9 million shares at a price of $9.02 per share.
South Orange, N.J.-based Nephros said the proceeds from its primary securities are earmarked for general corporate purposes, including working capital, capital expenditures, research & development expenditures, commercial expenditures, acquisitions of new technologies or businesses and other investments.
According to a prospectus, none of the proceeds produced from the sale of Nephros’ secondary securities will be received by the company, except for the warrant and option exercise prices upon exercise of the warrants and options. If Nephros receives those funds, it said they will be used for further product development and more general working purposes.
Nephros is a commercial-stage company designing and developing water purification products to the medical device and general commercial markets, according to its prospectus.
Original Article: (https://www.massdevice.com/nephros-posts-50-million-offering/)