Weight loss: EnteroMedics closes $13M round | Wall Street Beat

March 4, 2013 by Brad Perriello

EnteroMedics closes a $13 million public offering it plans to use to win FDA approval for its Maestro weight loss device.

MassDevice.com Wall Street Beat

EnteroMedics (NSDQ:ETRM) said it closed a public offering it expects to add about $12 million to its coffers after it pays off expenses.

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.

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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.

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