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news.Cardima, a developer of diagnostic catheters, has completed a private placement of 8.48 million shares of common stock at $0.60 per share to accredited investors. The total gross proceeds were $5.085 millions.
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In addition, the company issued to the investors, warrants to purchase 1.28 million shares of common stock at an exercise price of $0.65 per share.
Tony Shum, chairman of Cardima, said: “This transaction strengthens our balance sheet and allows the excellent team of professionals at Cardima to continue to advance our commercialization and regulatory strategies worldwide.”