A Diagnostics & Imaging Week
ProUroCare Medical (Golden Valley, Minnesota) reported the closing of its public offering of 3.050 million units at $1 a unit, before the underwriting discount. Each unit sold consists of one share of common stock and one redeemable warrant to purchase one share of common stock at an exercise price of $1.30 a share.
The company said it intends to use the net proceeds to fund certain operating expenses and development costs as it pursues FDA 510(k) clearance of its ProUroScan prostate imaging system and to retire certain short-term liabilities.
The offering was underwritten by Feltl and Co., which has a 45-day option to buy up to an additional 457,500 units to cover over-allotments, if any.
ProUroCare is developing products for the detection and characterization of male urological prostate disease. Its focus is the ProUroScan prostate imaging system, which is now in clinical trials.
In other financings, Singulex (Alameda, California) said it has closed a $19 million financing round, led by JAFCO and supported by existing investors including OrbiMed Advisors and Fisk Ventures. The financing round will support the commercialization of Singulex technologies in the diagnostics market.
Singulex has closed partnerships with multiple large pharmaceutical companies to use Erenna technology and immunoassays to help them better understand the effects of their compounds early in preclinical studies and clinical trials. With its ability to detect and measure minute protein biomarker changes at very low levels, Singulex's technology also has significant potential for clinical applications in personalized medicine across multiple diseases.
Singulex will use the funds from this financing to deploy its product and services in the emerging molecular clinical diagnostic market. Initially, the company will focus on cardiovascular disease risk diagnostics using its assay platform for the biomarker c Troponin I (cTnI), a well-validated marker for cardiac necrosis.