Funding Public Offering Vascular

Ra Medical Systems prices $10m public offering

Ra Medical Systems (NYSE:RMED) announced today that it priced a public offering of its common stock with gross proceeds expected to reach approximately $10 million.

The Carlsbad, Calif.-based company is offering more than 22.2 million shares of common stock (or common stock equivalents) with accompanying warrants to purchase up to 22.2 million shares of common stock, all at a price of 45¢ per share and accompanying warrant.

Warrants included in the offering have an exercise price of 45¢ per share, are immediately exercisable and expire five years after the date of issuance. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

Ra Medical expects to close the offering on May 22, with the $10 million in proceeds expected, assuming none of the warrants issued are exercised for cash. The company plans to use the proceeds for general corporate purposes, including its atherectomy indication trial, engineering efforts and supporting its commercial relaunch strategy.

The company develops the Dabra minimally invasive excimer laser system. The Dabra system is designed to destroy arteriosclerotic blockages through the use of radiation ablation. The system won FDA 510(k) clearance in May 2017 for the treatment of occlusive peripheral vascular disease after the artherectomy catheter system received CE Mark approval in October 2016.

Original Article: (https://www.massdevice.com/ra-medical-systems-prices-10m-public-offering/)

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