Pavmed (NSDQ:PAVMU) registered for an upcoming private placement, looking to raise approximately $23.4 million, according to an SEC filing posted this week.
The New York-based company will look to offer registered derivative securities from conversion of preferred stock, 10 years potential dividends for preferred stock, exchange of Series A warrants for public warrants and exercise of all warrants, according to the SEC filing.
In February, Pavmed said it raised $1.5 million through a private placement of Series A convertible preferred stock and Series A warrants, with funds slated to support FDA clearance of its 1st product, the PortIO intraosseous infusion system.
The company said it is hopeful for for FDA 510(k) clearance for the PortIO by the end of the 2nd quarter of 2017. PAVmed said it also plans to file a 510(k) premarket notification submission for its 2nd product, the CarpX percutaneous system for the treatment of Carpal Tunnel Syndrome, during the 2nd quarter.