Cambridge Heart scores $1.8 million from private placement

December 29, 2009 by MassDevice staff

New infusion significantly boosts cash position for Tewksbury, Mass., diagnosticis firm; three board members and one existing shareholder join new institutional investor in stock purchase

Cambridge Heart Inc. logo

Cambridge Heart Inc. (OTC:CAMH) has $1.85 million in new funding, likely doubling its cash position in short order through a private placement of convertible preferred stock with a group of largely unidentified investors.

The deal, announced Monday by the Tewksbury, Mass.-based company, offered up 1,852 shares of Series D convertible preferred stock priced at $1,000 per share. Each preferred share can be converted into 12,195 shares of common stock — equal to 8.2 cents per common share, a 15-percent premium over the stock's average price in recent weeks.

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