Pavmed (NSDQ:PAVM) announced last week that it closed a registered direct offering of common stock shares worth $12.4 million.
New York-based Pavmed’s previously announced offering included 6 million shares of common stock at a price of $2.24 per share, priced at-the-market under Nasdaq rules, according to a news release.
The company estimates that the net proceeds collected through the offering will reach $12.4 million after deducting the placement agent fees for Maxim Group LLC and other offering expenses.
Pavmed intends to put the proceeds toward working capital, general corporate purposes and for repaying a portion of its outstanding convertible notes.
The company raised $7.8 million in August 2020, having previously raised $4 million in May 2020. In April, the company received FDA 510(k) clearance for its CarpX minimally invasive carpal tunnel device.
Earlier in 2020, Pavmed confirmed an FDA breakthrough device designation for its Lucid Diagnostics subsidiary’s EsoGuard esophageal DNA test and entered into a clinical trial with the University of Pennsylvania to study Lucid’s EsoCheck esophageal cell collection device.