Amedica (NSDQ:AMDA) said today it closed its most recent underwritten public offering, bringing in $12.7 million to support its silicone nitride implants.
The Salt Lake City, Utah-based company sold a total of 3.6 million Class A units comprised of 1 share of common stock and 1 warrant to purchase 1 share of common stock and 7,392 Class B units comprised of 1 share of preferred stock convertible into 1,000 shares of common stock and warrants to purchase 11 million shares of common stock.
The round included an fully exercised underwriters option to purchase an additional 1.7 million shares of common stock and warrants for the purchase of an additional 1.7 million at the public offering price.
Ladenburg Thalmann & Co and Maxim Group acted as joint book-runners for the offering, according to a press release.
On Monday, Amedica priced the stock offering at $11 million, looking to float more than 3.6 million shares of common stock at $1 apiece, plus nearly 7,400 preferred shares at $1,000 each, and 11 million warrants.
Amedica, which makes spinal implants, is also developing implants for hip and knee arthroplasty and for dental applications.
In April, Amedica said it signed an exclusive distribution deal with Chinese medical device company Shandong Weigao Orthopedic Device Company Limited.
The deal gives Weigao Orthopedic exclusive rights to sell, market and distribute Amedica’s silicon nitride spinal implants in the People’s Republic of China.