At the initial closing in November the company received $1.5 million, with a 3rd tranche of $12.5 million scheduled in 45 days, the St. Paul, Minn.-based company said.
Enteromedics said it will use net proceeds from the offering to continue the commercialization of its Maestro Rechargeable System, for clinical and product development and as working capital, according to an SEC filing posted today.
Northland Securities acted as placement agent for the offering, the company said.
In late December, Enteromedics said its board authorized a 1-for-15 reverse stock split that went into effect January 7. As a result of the split, every 15 shares of stock in the St. Paul, Minn.-based company will be consolidated into a single share.