A Medical Device Daily
Cytori Therapeutics (San Diego) said it has entered into definitive agreements to raise nearly $4.2 million through a private placement with select investors. The transaction was executed independently without a placement agent.
At closing, Cytori will issue and sell to investors 1.86 million units at a purchase price of $2.28 per unit. Each unit consists of one unregistered share of the company's common stock and 1.75 warrants. The warrants will be exercisable immediately after the closing of the transaction at an exercise price of $2.62 per share and have a five-year term.
The funds will be used for sales and marketing activities related to the commercialization of the Celution System and consumables, as well as other related and complementary products in Europe, for ongoing clinical studies of the Celution System for breast reconstruction and cardiovascular disease, and for general working capital.
The transaction is expected to close today, subject to the satisfaction of customary closing conditions.