Cambridge Heart Inc. (OTC:CAMH) raised $2.9 million in a private options offering.
The Tewksbury, Mass.-based company sold 14.5 million units to select investors at 20 cents each. Each unit includes a warrant to buy one share of common stock for 25 cents over the next five years; the options could add $3.6 million to the round.
Dawson James Securities Inc. was the selling agent for the offering.
Cambridge Heart is commercializing its microvolt T-wave alternans measurement technology, a non-invasive cardiac test used to assess risk of cardiac arrhythmia for patients who have had heart attacks. The new financing will keep the company operating through this process. and as it conducts clinical research on how MTWA can identify patients with ischemia, CEO Ali Haghighi-Mood said in prepared remarks.
Cambridge Heart won a much-needed nod from the Food & Drug Administration when the watchdog agency cleared an OEM version of its MTWA module in April.