NanoVibronix (NSDQ:NVBXU) is looking to raise approximately $9.6 million in a new offering of shares to support getting its shares listed on the Nasdaq Capital Markets, according to an SEC filing posted this week.
The offering could also be used to support a transition of the company’s headquarters to the US, according to a Globes report. The company’s CEO, CFO and marketing setup would operate out of the US, while R&D would still operate out of Israel, according to the report.
Funds will also support expanding the company’s sales leadership team and field level sales resources, research & development efforts and implementation of its surface acoustic wave platform to other applications, according to the SEC filing. Money from the offering could also be used for complimentary acquisitions, to pay holders of 2017 notes and for general working capital.
In the round, the company said it plans to offer select Series D convertible preferred stock to shareholders with more than 4.9% of its outstanding common stock, and will reduce shares of common stock sold by 1 for each preferred share sold, according to an SEC filing.
NanoVibronix is developing medical devices using its proprietary low intensity surface acoustic wave wound care and pain relief technology, which it claims can be used for a variety of medical applications. The devices are designed to be administered at home without the assistance of medical processionals, and include the CE Marked PainShield and WoundShield. The company’s PainShield also has FDA clearance, the company said.
The company has also won CE Mark approval in the European Union for its catheter based UroShield and NG-Shield devices.
Last December, NanoVibronix said it won approval from Health Canada to sell its WoundShield device in Canada.