Obalon Therapeutics (NSDQ:OBLN) today priced a stock offering worth $15 million, with proceeds pegged to finance its pivot to retail.
The Carlsbad, Calif.-based company said it plans to float roughly 2.02 million shares of common stock together with warrants for 1.5 million shares of common stock and 1.74 million pre-funded warrants, each exercisable for one share of common stock, plus additional warrants to purchase 1.3 million shares of common stock.
Each share, pre-funded warrant and common warrant will be offered at $4. The common warrants will have an exercise price of $4.40 per share.
The company, which makes a gas-filled balloon designed to treat obesity, in June registered at stock offering worth more than $17 million. Two months earlier, Obalon revealed plans to lay off 50% of its employees, including all of its direct sales force, in a pivot toward company-owned or managed retail centers. Obalon later tapped an advisory firm to explore “strategic alternatives.”