Cardica unveiled the details of an upcoming public offering of stock, aimed at raising $43.9 million to support commercial efforts for the company’s MicroCutter XCHANGE 30 minimally invasive stapling system.
The California medical device maker plans to offer 32.5 million shares of common stock at 85¢ apiece as well as nearly 191,500 shares of Series A convertible preferred stock at $85 per share. Cardica further granted its underwriters an option to buy nearly 4.9 million share of common stock, according to a press release.
The offering is expected to close on or about April 22.
In additional to sales & marketing initiatives, Cardica plans to use the new cash for general corporate purposes, research & development activities , and general and administrative and manufacturing expenses, the company said.