Each unit in the offering from the New York-based company will be comprised of a share of common stock and a newly issued warrant, which will be exercisable for a share of common stock at an exercise price of $6 per share.
The company said the exhcange is being structured “to reward existing holders of our securities and to provide incentives for long-term ownership of our securities by both existing and new investors,” according to a press release.
New warrants offered in the round are exercisable any time betwee Oct. 31, 2018 and April 30, 2024, the company said, with an option to redeem all of the new unit warrants if its stock is trading at $18 or higher.
Earlier this month, Pavmed said it raised $1.5 million through a private placement of Series A convertible preferred stock and Series A warrants, with funds slated to support FDA clearance of its 1st product, the PortIO intraosseous infusion system.
The company said it is hopeful for for FDA 510(k) clearance for the PortIO by the end of the 2nd quarter of 2017. PAVmed said it also plans to file a 510(k) premarket notification submission for its 2nd product, the CarpX percutaneous system for the treatment of Carpal Tunnel Syndrome, during the 2nd quarter.