Pavmed (NSDQ:PAVM) said today it closed a $5 million private placement through the sale of senior notes and Series S warrants.
Funding in the private placement came from Scopia Holdings, who elected Dr. David Battleman to New York-based Pavmed’s board of directors as part of the financing.
“I look forward to joining the PAVmed team as a member of its board of directors. I have spent my career evaluating and working with life sciences companies and could not be more impressed with the business model and product portfolio this world-class management team has built. I am particularly excited about the company’s lead products, the PortIO intraosseous infusion system and the CarpX device for the percutaneous treatment of carpal tunnel syndrome, both of which have the potential to be game-changers in their respective clinical fields,” Dr. Battleman said a prepared statement.
In the financing, Pavmed said it offered and sold 2-year secured promissory notes in an aggregate principal amount of $5 million alongside 2.7 million Series S warrants to purchase shares of common stock at 1¢ per share.
“This financing is a very important milestone for our company and will provide us with the necessary resources to advance our growth strategy and multi-product pipeline towards commercialization. We see this investment by seasoned investors as a strong vote of confidence in our mission to enhance shareholder value by advancing innovative medical device products from concept to commercialization using our unique business model focused on speed to market and capital efficiency,” CEO & chair Dr. Lishan Aklog said in a press release.