iCad (NSDQ:ICAD) announced that it entered into agreements for the purchase and sale of its common stock for gross proceeds of approximately $12.5 million.
The agreements included the sale of more than 1.5 million shares of Nashua, N.H.-based iCad’s common stock at $8 per share. Craig-Hallum Capital Group is acting as financial advisor in connection with the offering.
iCad, a cancer detection and radiation therapy devices maker, said in a news release that it intends to use the proceeds for working capital and other general corporate purposes, including post-market studies for its Xoft intra-operative radiation therapy (IORT) for glioblastoma and other brain cancers.
The company expected the offering to close on or about April 27, subject to the satisfaction of customary closing conditions, but has not yet confirmed its closing.