Pulse Biosciences (NSDQ:PLSE) said yesterday that it launched a rights offering targeted to its existing shareholders, looking to bring in approximately $45 million.
Funds from the rights offering are slated to support continued development of applications for the Hayward, Calif.-based company’s Nano-Pulse Stimulation technology.
Pulse Bioscience’s Nano-Pulse Stimulation system is a non-thermal tech platform designed to deliver nanosecond duration energy pulses to disrupt functions of internal cell structures while maintaining outer cell membranes, Pulse Biosciences said.
In the offering, originally announced in October, the company will distribute non-transferable subscription rights to purchase $45 million in the company’s stock at a subscription price equal to the volume weighted average price of its stock for the five-day trading period through and including the expiration date, or $13.33 if the average exceeds that price, according to an SEC filing.
In its earlier announcement of the offering, the company indicated that board chair Robert Duggan planned to exercise all of his basic subscription rights in an amount not less than $15.6 million.
Earlier in October, Pulse Biosciences launched a clinical feasibility study of its Nano-Pulse Stimulation platform intended to treat cutaneous warts.
