BioSig Technologies Inc (NASDAQ:BSGM) has announced the pricing of its underwritten public offering to raise about $10 million.
In a statement, the company said it could gain roughly an additional $1.5 million in gross proceeds if the underwriter buys an additional 15% in shares.
Under the financing scheme, BioSig is offering 2.5 million shares of its common stock, with a $0.001 par value per share, at $4 apiece.
BioSig said it intends to use the net proceeds from the offering for the continuation of full commercialization activities related to the company’s biomedical signal processing platform PURE EP, which is designed to improve signal fidelity and uncover the full range of electrocardiogram (ECG) and intracardiac signals.
READ: BioSig says physicians have completed 1,000 patient cases with its PURE EP system technology across nine US installation sites
Also, the money will go towards additional support for organizational development, the continuation of the company’s ongoing research and development activities for new products, and general corporate purposes and other capital expenditures.
The Westport, Connecticut-based company said Laidlaw & Company (UK) Ltd is acting as sole book-running manager for the offering and has a 30-day option to purchase an additional 15% of the number of shares offered in full, before deducting the underwriting discounts and commissions and estimated offering expenses payable by BioSig.
The offering is expected to close on July 7, subject to the satisfaction of customary closing conditions.
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham