OtoNexus Medical Technologies filed an amendment to its SEC Form D last week to confirm the sale of nearly $10 million in an equity offering.
The Seattle-based ultrasound technology maker sold approximately $9.77 million of an $18.2 million offering, leaving just over $8.4 million remaining to be sold, according to the filing.
OtoNexus made the first sale in the offering on Dec. 31, 2018 and has garnered investments from 97 participants so far in just over a year. The company did not list a minimum investment requirement and did not disclose the issuer size.
The company also did not list its intended use of proceeds as it is developing an air-coupled ultrasound diagnostic device for middle ear infections. The device is designed to identify and characterize fluid in the middle ear to determine if a physician should prescribe antibiotics. It uses disposable tips and an interface to display data to the physician in seconds.