Pulse Biosciences (NSDQ:PLSE) announced today that it filed a rights offering of its common stock for gross proceeds of approximately $30 million.
According to a news release, the offering includes non-transferable subscription rights to purchase shares of common stock at par value of $0.001 per share at a subscription price to be determined. All of Pulse Biosciences’ stockholders have the opportunity to participate and the offering includes an over-subscription privilege, according to a news release.
Hayward, Calif.-based Pulse intends to use the net proceeds for general working capital purposes, including the investment in current and future clinical studies evaluating its proprietary Nano-Pulse Stimulation technology and enhancing its CellFX dermatology device system by obtaining regulatory clearance.
Nano-Pulse Stimulation is designed to deliver nanosecond pulses of electrical energy to non-thermally clear cells while sparing adjacent non-cellular tissue, leading to regulated cell death. It is used in the CellFX system for cell-focused treatment applications, according to the company’s website.
Robert Duggan, chairman of Pulse’s board of directors and beneficial owner of approximately 43% of the company’s outstanding common stock, indicated that he intends to exercise all of his basic subscription rights and any over-subscription right, but has not made any formal binding commitment to do so at this time.
