Ultrasound technology developer Longport has completed an issue of convertible preferred stock worth approximately $1.2 million at a price of $2.30 per share.
Investors included a selected group of accredited investors who had previously indicated an interest in acquiring Longport common stock, as well as A, B, and C warrant holders, according to the Glen Mills, PA-based vendor. Longport said it would use the funds to continue to implement its operating plan, including the expansion of sales activities and application studies.
The firm said it will also expand its distribution channels through established medical device sales and marketing companies, as well as direct activities.
By AuntMinnie.com staff writers
October 3, 2005
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