EnteroMedics (ETRM) to Offer 6.16M Shares at $0.80/Share
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EnteroMedics Inc., (NASDAQ: ETRM) today announced that it has entered into a definitive agreement with an institutional investor to sell 6,161,068 of the Company's common shares in a "registered direct" offering, at a price of $0.80 per share, for gross proceeds of approximately $4.9 million, before deducting placement agent fees and estimated offering expenses. Canaccord Adams Inc. acted as the sole placement agent for the offering.
The transaction is expected to close on or about October 7th, 2009, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds of this offering to fund clinical studies of VBLOC Therapy in obesity, hypertension and diabetes, as well as for general working capital purposes.
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