Oculus (OCLS) Announces $3.1M Gross Capital Raise in Private Offering

April 23, 2012 9:31 AM EDT
Oculus Innovative Sciences, Inc. (Nasdaq: OCLS) announced today that it has entered into a definitive agreement with a single life science-focused institutional investor for the purchase of a combination of 1) 1,000 shares of its new Series A Convertible Preferred Stock at $1,000 per share, which are convertible into 1.1 million shares of its common stock and 2) 2.4 million of its common shares at $0.90 per share and 3) a 2.5-year warrant to purchase up to approximately 3.5 million of common stock at an exercise price of $1.18 per share, which is not exercisable for six months. The Series A Convertible Preferred has no dividend and is perpetual. Oculus Innovative Sciences, Inc will receive approximately $3.1 million in gross proceeds from the offering. The offering is expected to close on or about April 24, 2012, subject to customary closing conditions. Net proceeds from the offering will be used to fund the Company's clinical and regulatory programs for "Scar Reduction" indication and initiation of additional regulatory filings to expand Company's antimicrobial indication with the FDA in the surgical market as well as working capital needs and for general corporate purposes.

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