Cambridge Heart closes $1.4 million warrant call

June 7, 2010 by MassDevice staff

Cambridge Heart Inc.'s call for $962,000 worth of warrants it issued last year as part of a Series D financing round also brought in $457,000 worth of unrelated, short-term warrants.

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Cambridge Heart Inc. (OTC:CAMH) closed its call for nearly $1 million worth of long-term warrants it issued last year as part of a Series D funding round with an unexpected bonus: Investors holding unrelated short-term warrants exercised $457,000 worth, taking the total gross proceeds to more than $1.4 million.

The Tewksbury, Mass.-based heart test maker said it would net $754,000 if all holders of the Series D warrants for 6,775,611 shares exercised them at their 14.2 cent share price. Cambridge Heart already pulled in $208,000 from the exercise of some of the warrants.

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