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news.Cardima, a medical device company, has completed the private sale of 18.51 million shares of common stock at $1.08 per share to an accredited investor for total gross proceeds from the sale of $20 million.
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In addition, the company will issue to the investor warrants to purchase 5.55 million shares of common stock at an exercise price of $1.25 per share.
Tony Shum, chairman of Cardima, said: “The fact that Cardima is able to raise equity in the midst of the most challenging economic environment that we have faced in generations is a testament to the commercial potential of our ablation technology. We intend to use the proceeds to prudently continue to execute our commercial plans to support further product adoption and to repay outstanding loans.”