By Sheri Kasprzak
Atlanta, March 30 - Dobi Medical International Inc. said it has completed a private placement of stock for $10.5 million.
The company sold 21 million shares at $0.50 each to a group of institutional and other investors.
The investors also received warrants for 5.25 million shares, exercisable at $0.75 each for five years and 5.25 million shares, exercisable at $1.25 each for five years.
C.E. Unterberg, Towbin LLC was the placement agent.
Based in Mahwah, N.J., Dobi is a medical imaging company focused on diagnosing cancer. The proceeds will be used for a clinical trial research study as a final step for pre-market approval from the FDA for its ComfortScan breast imaging system.
| Issuer: | Dobi Medical International Inc.
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| Issue: | Stock
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| Amount: | $10.5 million
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| Shares: | 21 million
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| Price: | $0.50
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| Warrants: | For 10.5 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.75 for half; $1.25 for half
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| Placement agent: | C.E. Unterberg, Towbin LLC
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| Settlement date: | March 30
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| Stock price: | $0.80 at close March 29
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