A Medical Device Daily

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.