Patient Safety Technologies raises $2.32 million in equity financing

Investors in the first closing of the private placement purchased 1.86 million shares of the company’s common stock at a price of $1.25 per share and received a five-year warrant to purchase an additional 1.16 million shares of the company’s common stock at an exercise price of $1.40 per share.

The proceeds will go towards further enhancing sales and marketing at its SurgiCount Medical subsidiary.

Pursuant to the terms of the private placement, the company may sell up to an aggregate of $2.5 million worth of common stock and warrants no later than August 31, 2008. Patient Safety Technologies (PST) has also agreed to register for resale the shares of common stock sold in the offering.

Bill Adams, CEO of PST, said: “Consistent with our previously disclosed growth plans, this private placement provides the company with the extra capital necessary to expand our sales force to service and develop new and emerging markets. The company continues to add new healthcare facilities to its growing list of customers and the need for a physical presence in these areas is necessary to keep up with the demand.”