Minnesota device maker issued a series of updates this month on its legal and financial dealings, including that it secured more than $733,000 to help pay for its corporate expenses.
In an SEC filing dated July 23, Skyline revealed that it had raised funds from 2 unnamed investors to pay "salary and stipends due to officers and directors." The funds were raised through sales of debt, rights and securities, according to the filing.
In a separate announcement Skyline Medical revealed that it secured an aggregate of $500,000 from an institutional investor in exchange for a senior convertible note in an original principal amount of $610,978. Skyline raised an additional $100,000 from company affiliate SOK Partners in exchange for a senior convertible note in the amount of $122,195.60.
A Skyline spokeswoman told MassDevice.com that the funds are simply for "working capital purposes."
In a third announcement dated July 24, the surgical waste management company said that it also settled a years-old dispute with former employee Marshall Ryan who sued the company for on claims of misconduct, including alleged breaches of 3 contracts from 2006 to 2008.
Skyline agreed to pay Ryan $500,000 over the next few months, with the settlement to be paid in full before April 25, 2015.