BSD Medical Corp. (NSDQ:BSDM) landed 510(k) clearance from the Food & Drug Administration for itsits MicroThermX microwave ablation system, MTX-180.
The Salt Lake City-based cancer treatment device-maker said it optimized the MTX-180 system with higher power for interventional and surgical oncology. The device uses "synchronous phased array technology" to target microwave energy for soft-tissue ablation.
BSD said CE Mark approval for the MTX-180 system "is imminent."
In addition to winning FDA clearance for the microwave-powered tumor destroyer, the company also announced a stock sale to a pair of prior backers. BSD entered into a securities purchase deal with two institutional investors to sell 1,225,000 shares in a direct offering at $2.25 each, plus warrants for the purchase of 918,750 shares, according to a Securities & Exchange Commission filing.
BSD said the funds from the sale will be put towards product development, sales & marketing and general corporate purposes. The company said it will not use the proceeds of the offering to satisfy any existing debt, redeem any of its outstanding securities or settle any outstanding litigation.