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.
Intuitive Surgical enjoyed a nearly two-decade monopoly in the robot-assisted surgery space. At DeviceTalks West, we'll delve into that history as longtime CEO Gary Guthart tells us how he got his start in medtech, how Intuitive came to enjoy such a commanding lead and what the future holds for medical robotics.
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