By Sheri Kasprzak
Atlanta, Dec. 15 - iCad Inc. said Wednesday it has raised $5.25 million in a private placement.
The company sold 1,166,666 shares at about $4.50 each to three institutional and accredited investors.
The investors also received warrants to buy a total of 583,333 shares at $5.50 each for five years.
The company also said Wednesday it has received commitments for up to $3.175 million in additional financing under the same terms. The company has yet to close that offering.
Based in Nashua, N.H., iCad designs, develops and markets computer-aided detection imaging technology and systems for breast cancer detection and other applications. It plans to use about $3.3 million of the proceeds to reduce borrowings on a line of credit with the company's chairman. About $625,000 of the proceeds will be used to reduce accrued interest and related obligations.
| Issuer: | iCad Inc.
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| Issue: | Stock
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| Amount: | $5.25 million
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| Shares: | 1,166,666
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| Price: | $4.50
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| Warrants: | For 583,333 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $5.50
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| Settlement date: | Dec. 15
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| Stock price: | $4.90 at close Dec. 15
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