Trimedyne Placement Raises $2.1 Million
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Surgical laser maker Trimedyne Inc. said Tuesday that it has sold 612,168 shares of common stock to four institutional and private investors for a total of more than $2.1 million.
The Irvine manufacturer said in a press release that it sold the stock in a private placement at $3.32 a share. The company did not disclose the names of the investors.
The investors also received warrants to purchase an aggregate of 321,085 shares of common stock at a price of $4.88 per share.
The transaction brings Trimedyne’s total cash reserves to about $6.3 million as of March 31. The company has no outstanding debt.
The company’s stock price dropped 13 cents a share to close at $3.50 in Nasdaq trading.
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