Radiation therapy firm North American Scientific has signed a binding agreement to raise $24 million in a private placement of common stock and the concurrent issuance of warrants for the purchase of common stock.
Three Arch Partners is leading the private placement and will invest $10 million, according to the Chatsworth, CA-based firm. Three Arch will also nominate two new NAS board members.
NAS said it would use the proceeds for new product development, including its breast brachytherapy product, and for working capital.
By AuntMinnie.com staff writers
June 7, 2006
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NAS opens $4 million credit line, March 31, 2006
NAS launches breast brachytherapy initiative, March 21, 2006
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