Pulse Biosciences (NSDQ:PLSE) said today that it agreed to sell 2 million of the company’s common stock at $15.02 apiece to investor Robert Duggan in a $30 million private placement.
The company plans to use the net proceeds from the private placement for working capital or other general corporate purposes, according to a regulatory filing.
Earlier this month, Pulse Biosciences withdrew the 510(k) application that it filed with the FDA in March for its PulseTx nano-pulse stimulation platform.
The Burlingame, Calif.-based company’s PulseTx system uses short-duration electrical pulses directed at solid tumors to induce immunogenic cell death. The cell death process exposes the tumor cell antigens to the immune system, which triggers an adaptive immune response, according to Pulse Biosciences.
The company said that it withdrew the 510(k) application after failing to deliver requested information to the FDA before Sept. 10.
Pulse Biosciences added that it is “committed to generating the requested data and analysis” and that it plans to submit the application again soon.
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