NMT Medical Inc. (NSDQ:NMTI) isn’t letting a little snow get in its way. Having salvaged an offering of stock, debt and warrants delayed by a February blizzard with a $6 million private placement, the company filed another registration for a similar, $30 million public offering with the Securities and Exchange Commission.
The Boston-based cardiac implant maker, low on cash reserves and heavily leveraged, needs the money to bring its StarFlex cardiac implant through the regulatory process and into the marketplace. NMT had only about $9 million in cash reserves as of Dec. 31, 2009, and has amassed more than $50 million in debt, according to a prospectus filed with the federal SEC.
In February, the company raised $5.8 million in a private placement, salvaging a previous shelf registration that languished in the SEC’s Washington, D.C., offices for more than a week while a rare blizzard lashed the capital. At the time, COO Rick Davis told MassDevice that the proceeds would be plowed into NMT‘s ongoing clinical trial of the StarFlex implant, intended to demonstrate whether the the catheter-based procedure to patch small holes between chambers of the heart is more effective than standard drug treatments in preventing the re-occurrence of stroke. Data analysis from the two-year study is expected to begin this month, followed by regulatory applications “provided the data is good,” Davis said.
NMT managed to narrow its losses during the fourth quarter and full-year 2009, despite logging sales declines during both periods.
The Boston-based cardiac implant maker posted revenues of $3.6 million for the three months ended Dec. 31, 2009, down 19.8 percent compared with $4.4 million during the same period in 2008. Fourth-quarter net losses were $1.9 million, down 54 percent compared with net losses of $4.2 million during Q4 2008.
For the full year, NMT posted revenues of $13.2 million, a 26 percent decline from the $17.9 million logged during the prior year. Net losses for 2009 were $12.4 million, down 31.2 percent compared with net losses of $18.1 million during 2008.