Optical breast imaging developer DOBI Medical International has completed a private placement of its common stock with a group of institutional and other investors, generating expected net proceeds of $9.7 million.
The Mahwah, NJ-based firm sold 21 million shares at a price of 50¢ per share; investors will also receive five-year warrants to purchase additional shares.
DOBI said the proceeds would be used primarily to complete its clinical trial research study as the final step in a premarket approval application for its ComfortScan breast imaging system. The company said it would also use the funds to support continuing product development and international sales and marketing efforts.
By AuntMinnie.com staff writers
March 30, 2005
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