In the offering, Redwood City, Calif.-based Dextera Surgical will offer 8,000 shares of Series B convertible preferred stock and related warrants at $1,000 per share. The offering is expected to close May 16, the company said.
Each share of Series B stock, convertible into 3,704 shares of common stock at 27¢ per share, will be accompanied by 3,704 series 1 warrants each to purchase 1 share of common stock at an exercise price of 27¢ per share and 1,852 series 2 warrants to purchase 1 share of common stock at 27¢ per share. Series 1 warrants will be exercisable for 5 years and Series 2 warrants will be exercisable for 1 year.
In total, shares of Series B offered in the round are convertible into 29.6 million shares of common stock with an additional exercisable 44.5 million shares from warrants, according to a press release.
Proceeds from the round will support general corporate purposes, as well as development and sales of its MicroCutter 5/80 device.
In March, Dextera released data from a small study of patients who underwent microlobectomy procedures utilizing its MicroCutter surgical stapler, touting hospital stays at least 2 days lower than open lobectomy procedures.
Last December, Dextera Surgical said it launched a registry study of its MicroCutter 5/80 surgical stapler designed for hemostasis.
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