EnteroMedics (ETRM) Announces $20M ATM Equity Deal

EnteroMedics Inc. (NASDAQ: ETRM) entered into an "at-the-market" (ATM) equity distribution agreement with Canaccord Genuity Inc. acting as sole agent. Under the terms of the distribution agreement, the Company may, from time to time, sell shares of its common stock having an aggregate offering value of up to $20.0 million through Canaccord Genuity. The Company will determine, at its sole discretion, the timing and number of shares to be sold under this ATM facility. The ATM facility is intended to replace the Company's $45.0 million equity financing facility with Terrapin Opportunity, L.P., which has been discontinued.

"With $23.3 million in current cash and equivalents, and the ability to sell shares under our new ATM facility, EnteroMedics will have the necessary resources to continue executing on its pivotal regulatory strategy and commercialization activities into 2014," said Greg S. Lea, Senior Vice President, Chief Financial Officer and Chief Operating Officer.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Karman Line Acquisition prices $200M IPO on Nasdaq
• Lithium Americas Corp (LAC) files for 72.55M share offering by selling stockholders
• Alliance Laundry Holdings (ALH) files for 20.5M share offering by selling stockholders