Each unit will include one common share and a six-year Series Z warrant worth $2.25 per share, redeemable at $3 each, the New York City-based company said.
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.
“Pavmed is providing this opportunity to exercise warrants at a reduced price in order to encourage holders to exercise a meaningful portion of the outstanding warrants, providing the company with additional capital to advance its lead products, particularly its CarpX minimally invasive carpal tunnel syndrome device, through important near-term regulatory and commercialization milestones,” the company said in a statement last month.
Pavmed’s CarpX percutaneous device helps doctors relieve compression of the median nerve without the need for a surgical incision. The product, positioned using ultrasound guidance, combines a balloon catheter with bipolar radio-frequency cutting electrodes.
Pavmed filed a 510(k) application with the FDA for CarpX in November of last year.