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news.Escalon Medical, a developer of ophthalmic diagnostic, surgical and pharmaceutical products, has completed a $1.1 million private placement of common stock and common stock purchase warrants to accredited and institutional investors.
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The company sold one million shares of common stock at $1.10 per share. The investors also received warrants to purchase an additional 150,000 shares of common stock at an exercise price of $1.21 per share. The warrants cannot be exercised for 181 days.
The net proceeds to the company from the offering, after fees and expenses, will be approximately $1.02 million. Barrett & Company of Providence Rhode Island, acted as placement agent on behalf of the company in the private placement.
As the result of the private placement, Escalon Medical will have 7.41 million shares of common stock outstanding, not including the shares issuable upon the exercise of the warrants.
Richard DePiano, chairman and CEO of Escalon Medical, said: “We believe that the new funding will enable us to strengthen our balance sheet and provide additional working capital for general corporate purposes during this trying economic environment.”