Ultrasound contrast developer Acusphere has signed definitive purchase agreements for a $21.5 million private placement of newly issued shares of common stock. The Watertown, MA-based firm has also concurrently issued warrants for the purchase of additional shares of common stock to institutional and accredited investors.
The financing is expected to occur in two closings, with the first (producing gross proceeds of approximately $17.9 million) to be completed early this week, subject to closing conditions. A second and final closing will result in additional proceeds of approximately $3.6 million, and is expected to close later this year, subject to shareholder approval and customary closing conditions.
Acusphere said the proceeds will be used to fund the development program for its AI-700 ultrasound contrast agent, as well as for working capital and general corporate purposes. The funding provides Acusphere with sufficient cash to fund planned operations into 2006, according to the firm.
By AuntMinnie.com staff writersAugust 3, 2004
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Acusphere launches phase III trials, February 26, 2003
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