Minerva Surgical (Nasdaq:UTRS) announced today that it closed a private placement worth approximately $30 million.
Santa Clara, California-based Minerva sold more than 146.6 million shares of its common stock at $0.0246 per share. Accelmed Partners led the private placement with participation by New Enterprise Associates. The financing makes Accelmed the controlling stockholder of Minerva Surgical.
The financing amounts to $30 million in proceeds before deducting placement agent fees and other expenses payable by the company.
“We are excited to partner with Minerva Surgical and look forward to working with management to improve its operational performance and build a meaningful women’s health platform” said Dr. Uri Geiger, managing partner of Accelmed.
Minerva plans to use the net proceeds to support operations, R&D activities, working capital and other general corporate purposes. It intends to do so with the funds raised together with existing cash and equivalents. Piper Sandler acted as sole placement agent for the private placement.
“We are pleased to announce the closing of this private placement and are excited to welcome Accelmed in furthering our mission,” said Todd Usen, Minerva Surgical CEO. “This investment provides us with the cash runway to enter a new chapter of growth and continue to serve the healthcare needs of women with our best-in-class surgical products.”
Minerva develops abnormal uterine bleeding (AUB) treatments.