BioSig Technologies (NSDQ:BSGM) announced today that it closed a registered direct offering of common stock worth $17.5 million.
The Westport, Conn.-based company and its majority-owned subsidiary, ViralClear Pharmaceuticals, sold nearly 2.2 million shares of common stock at $8 per share, closing the offering on June 26.
Proceeds from the offering reached $17.5 million before deducting placement agent fees and other expenses payable by BioSig, which intends to use the proceeds to support commercialization and for working capital, plus other general corporate purposes, according to a news release.
The Special Equities Group, a division of Bradley Woods & Co., acted as the placement agent for the offering.
“Our business performance remained strong in the second quarter of this year despite the challenging economic environment,” BioSig chairman & CEO Ken Londoner said in the release. “We are pleased to see a growing demand for Pure EP systems, with several centers awaiting installations. Our ViralClear subsidiary made tremendous progress with commencing the patient enrollment into Phase II clinical trial at a number of sites and is on track with the plan shared with investors on recent investor calls. These additional funds will allow us to continue to create shareholder value through timely execution.”
