By Devika Patel
Knoxville, Tenn., Oct. 2 - EnteroMedics Inc. said it has arranged a $4.93 million registered direct offering of stock.
The company will sell 6,161,068 common shares at $0.80 apiece.
Canaccord Adams Inc. is the agent.
Settlement is expected Oct. 7.
Proceeds will be used for clinical studies of VBLOC Therapy in obesity, hypertension and diabetes, as well as for general working capital.
St. Paul, Minn.-based EnteroMedics develops implantable systems for the treatment of obesity and other gastrointestinal disorders.
| Issuer: | EnteroMedics Inc.
|
| Issue: | Common stock
|
| Amount: | $4,928,854
|
| Shares: | 6,161,068
|
| Price: | $0.80
|
| Warrants: | No
|
| Agent: | Canaccord Adams Inc.
|
| Pricing date: | Oct. 2
|
| Settlement date: | Oct. 7
|
| Stock symbol: | Nasdaq: ETRM
|
| Stock price: | $0.98 at close Oct. 2
|
| Market capitalization: | $29.4 million
|
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