A Diagnostics & Imaging Week
ProUroCare Medical (Minneapolis) reported closing a private placement of $175,000 of units consisting of unsecured, subordinated, convertible promissory notes and common stock purchase warrants.
The proceeds will be used to pay certain existing obligations and for general corporate purposes, ProUroCare said. The closing completes ProUroCare's planned private placement fundraising goal. Combined with its previous private placement closings since Dec. 27, 2007, the company has sold $2 million of investment units.
"These funds we have raised have been important to sustaining our ongoing operations, and have enabled us to evaluate other funding strategies and opportunities. Our success in raising these funds, combined with our acquisition of key patents earlier this year and the signing of development and license agreements with our partner Artann Laboratories [West Trenton, New Jersey] last week, has made the past eight months an exciting time for ProUroCare," said Rick Carlson, ProUroCare's CEO.
ProUroCare also said it plans to file a registration statement with the SEC for a public offering of its equity securities. The company said it expects to file the registration statement during the third quarter and begin the offering in the fourth quarter.
The purpose of the offering is to provide funding to retire certain short-term liabilities, complete the preparation of ProUroCare's ProUroScan prostate imaging system for clinical trials, submit a premarket notification application for the ProUroScan system to the FDA and obtain 510(k) clearance.
ProUroCare is developing mechanical imaging technology applications for the detection and surveillance of prostate disease.
In other financing activity, OraSure Technologies (Bethlehem, Pennsylvania) said its board has approved the repurchase of up to $25 million of its outstanding common shares.
OraSure makes oral-fluid specimen collection devices using oral fluid technologies, diagnostic products, including immunoassays and other in vivo diagnostic tests, and other devices.