Ultrasound technology developer Longport has completed a private placement of stock, generating $1.5 million from sales of approximately 1.8 million shares of restricted common stock. The participating investors included Guerrilla Capital Management, ProMed Management, Kensington Management Group, and Odin Partners.
In addition, the company provided warrants to investors at three exercise prices which, if exercised, would raise more than $8 million, according to the Swarthmore, PA-based firm. Longport said it would use the funds to ramp up production of its Episcan I-200 ultrasound scanner, and to expand its development and clinical study program.
By AuntMinnie.com staff writersJuly 27, 2004
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