ProUroCare Medical Inc. (OTC:PUMD) signed an equity deal with Juno Beach, Fla.-based Seaside 88 LP worth $3.1 million.
The Minneapolis-based company will receive $875,000 in the first tranche of funding from the sale of 1.4 million unregistered shares of common stock to Seaside for $0.625 per share, according to a Securities & Exchange Commission filing.
ProUroCare said the investment will support it as it awaits the Food & Drug Administration’s call on whether its ProUroScan prostate imaging system will receive 510(k) clearance.
The securities purchase agreement stipulates that ProUroCare will receive $750,000 from Seaside after the device is OKed by the agency, while the remaining $1.5 million will come, contingent upon various market variables, in five subsequent closings worth $300,000 each, according to the filing.
This funding brings the total amount of money raised by ProUroCare since January 2007 to $13.9 million, according to the company.