Computer-aided detection (CAD) technology developer iCAD has a completed a private placement of its common stock, raising $8.4 million.
The Nashua, NH-based firm sold an aggregate of approximately 1.2 million shares of its common stock, along with five-year warrants to purchase about 584,000 shares to three institutional and accredited investors for a total price of $5.25 million. In addition, iCAD has received commitments from an additional limited number of institutional and accredited investors for up to $3.175 million of additional equity financing.
iCAD said it expects to use approximately $3.3 million of the proceeds to reduce its borrowings under a line of credit with the company's chairman, and an additional $625,000 to reduce accrued interest and related obligations.
By AuntMinnie.com staff writers
December 16, 2004
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