Shifamed portfolio company Adona Medical filed an SEC Form D to confirm the sale of nearly $20.5 million in equity.
Campbell, Calif.-based Adona Medical is offering more than $24.8 million in equity in a new notice that had its first sale on Aug. 20, 2020. Adona Medical does not intend for the offering to last longer than one year, according to the filing.
The minimum investment accepted in the equity offering was $1, and so far 45 investors have contributed to the $20.5 million total, with nearly $4.4 million remaining for the company to sell.
No use of proceeds was listed for the offering, while the company confirmed that it is not being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer.
Adona Medical was formed less than one year ago in December 2019 and develops interventional approaches for treating heart failure, according to the company.