EnteroMedics closes a $13 million public offering it plans to use to win FDA approval for its Maestro weight loss device.
The St. Paul, Minn.-based medical device company is developing technology to treat obesity using neurostimulation of the vagus nerve to suppress the appetite.
EnteroMedics said it plans to use the cash to pursue FDA approval of its Maestro RC vagal nerve blocking system and to commercialize the device overseas.
The offering, of some 13.8 million shares and warrants for another 5.5 million shares, was priced at 95¢ per share, including 0.4 shares per warrant, exercisable at $1.14 per share over 5 years.
Allscripts swings to Q4 loss, announces layoffs
Allscripts (NSDQ:MDRX) swung to black ink during the 4th quarter, saying it plans to close 12 offices and 1 warehouse as part of a cost-cutting program.
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