Computer-aided detection (CAD) developer Medipattern of Toronto has completed a deal to raise nearly $5 million (U.S.) by selling shares to a Canadian investment firm.
Medipattern said it sold 4.7 million shares at a price of $1.10 Canadian per share ($1.04 U.S.) to Research Capital, also of Toronto, raising gross proceeds of $5.2 million ($4.9 million U.S.). Research Capital has options to buy nearly an additional 1 million shares over the next two years.
Medipattern said it plans to use proceeds from the deal to commercialize its B-CAD application for breast MRI, continue developing product extensions for its B-CAD for breast ultrasound software, file a premarket approval (PMA) application for B-CAD with the U.S. Food and Drug Administration, and expand sales and marketing operations.
By AuntMinnie.com staff writers
August 2, 2007
Related Reading
Medipattern to raise funds through stock deal, July 13, 2007
Medipattern partners with HealthcareIQ, July 4, 2007
Medipattern inks partnership with GE, June 27, 2007
Medipattern adds B-CAD order, June 25, 2007
Medipattern posts higher revenues in fiscal Q3, May 30, 2007
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