Ex-Pharmacyclics CEO Robert Duggan and COO Maky Zanganeh have purchased a 17% stake in Pulse Biosciences.
The 2 former execs purchased a total of 819,673 shares of common stock at $6.10 per share from the company and an additional, equal amount from existing shareholders, according to an SEC filing from the company. As part of the placement, Dr. Zanganeh will join the company’s board of directors.
Net proceeds from the placement will support working capital and general corporate purposes. The purchased shares join an additional 771,799 shares previously purchased on the open market, the company said.
Burlingame, Calif.-based Pulse is developing “nano-pulse electro-signaling,” in which extremely short-duration pulsed electrical fields are directed at solid tumors. It’s designed to induce a type of programmed cell death called immunogenic apoptosis, which can trigger the body’s immune response to find and kill other cells of the same type.
“Along with a team of qualified scientists, we have studied Pulse Biosciences’ core technology, strength of leadership and management, patent portfolio, breadth of engineering and research talent, as well as our perceived long-term sense of the robust potential of NPS technology in healthcare. We are impressed by what we have seen and with the experience, ability and enthusiasm of the Pulse Biosciences team. We have previously worked closely with several members of the Pulse Biosciences management team, including Darrin Uecker, President and CEO, and Dave Danitz and Edison Manuel, engineering and operations executives, each of whom were critical to our previous success at Computer Motion, Inc. (now part of Intuitive Surgical, Inc.) in launching computer assisted robotics in the field of human surgery. We look forward to working with the Pulse Biosciences team on this important technology that we believe can impact healthcare in a meaningful and sustainable manner for the significant betterment of all,” Duggan and Dr. Zanganeh in said a joint statement.
“I have known Bob and Maky for over 20 years and have the utmost respect for their strategic, financial and operational expertise and vision. We are thrilled to have gained their support in our mission at Pulse Biosciences and we look forward to having Maky on the board of Pulse Biosciences to help us continue to build upon our leadership position in developing, and eventually commercializing, this novel technology,” prez & CEO Darrin Uecker said in a press release.
After the transactions, Duggan owns 2.1 million shares, or 15.1% of the company’s stock, while Dr. Zanganeh owns 2% of the outstanding stock.