Congestive heart failure treatment developer Alleviant Medical filed an SEC Form D to confirm the sale of $6.5 million in an equity offering.
The Austin, Texas-based company reached its total offering amount of $6.5 million after making the first sale in the new notice on May 1. It had no intention of letting the offering last longer than one year and did not make it in connection with a business transaction.
With no minimum investment required for the equity offering, a total of 18 investors contributed to the sale, which did not have an issuer size disclosed.
Alleviant Medical did not provide an intended use of proceeds. However, the company is potentially using it to fund the development of its minimally invasive device for treating congestive heart failure.
The company’s device is designed to relieve pressure within the left atrium, according to its website, using an inter arterial shunt between the left and right atrium. The shunt is intended to allow pressure to offload from the left atrium into the lower pressure right atrium.