Nu-Med Plus said today it inked a stock agreement which will fund the company through Feb. of next year.
The Salt Lake City, Utah-based company completed a stock purchase agreement with Smith Corporate Services, selling 2.8 million shares of common stock at 25¢ per share for $700,000, according to an SEC filing.
Nu-Med Plus said it already received $300,000 for approximately 1.2 million shares, and SCS has until Feb. 1, 2018 to purchase the remaining balance.
“We are very excited about the remarkable recognition that our company is experiencing and believe that with this significant capital infusion it will allow the company to continue to move forward redefining the INO arena and pursue the path to filing for regulatory approval of our products including our proprietary conversion technology, along with adding significant value to the company and our shareholders,” CEO & prez Jeff Robins said in a press release.
Last August, Nu-Med Plus said it was making tweaks to its Nitric Oxide delivery system prior to applying for FDA 510(k) submission.
The company said it is incorporating its newly developed nitric oxide generation and delivery system into its existing hospital delivery model in hopes of speeding up approval. Nu-Med Plus said the next-generation system “takes advantage of room temperature operation and easier handling.”