Pavmed (NSDQ:PAVM) has registered for a nearly $90 million offering, saying it plans to float the rights to buy up to 14.6 million units.
The New York City-based 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.
The percutaneous device allows the operating physician to relieve compression of the median nerve without the need for a surgical incision, according to Pavmed. The CarpX system, which is positioned using ultrasound guidance, includes a balloon catheter and bipolar radio-frequency cutting electrodes.
