Pavmed (NSDQ:PAVM) today priced an underwritten public offering of 2,415,278 shares of its common stock at $1.80 per share.
The New York City-based company said it would grant the offering’s underwriters a 45-day option to buy up to 362,292 additional shares of common stock to cover over-allotments.
Pavmed expects to bring in $3.9 million in net proceeds from the offering after discounts and commissions, which it plans to use for working capital and other general corporate purposes.
Yesterday, Pavmed registered for a nearly $90 million offering, saying it plans to float the rights to buy up to 14.6 million units.
The company said it would issue a single unit for each share of common stock. Each unit is slated to include one common share and a six-year Series Z warrant worth $2.25 per share, redeemable at $3 apiece.
Pavmed plans to use the funds it raises from the offering to support its R&D efforts and the development of its current pipeline, according to the prospectus filed with the SEC.
Last week, Pavmed cut the exercise price on the Series W warrants, from $2.50 to $2.00 apiece, its second price cut since late last year. Originally exercisable at $5.00 apiece, the company slashed the price in half last December.
In November, Pavmed filed a 510(k) application with the FDA for its CarpX device, which is designed to be a minimally-invasive treatment for carpal tunnel syndrome.
