Funds from the round will be used to support ongoing development of applications for the Hayward, Calif.-based company’s Nano-Pulse Stimulation technology.
The Nano-Pulse Stimulation system is a novel, non-thermal tech platform designed to deliver nanosecond duration energy pulses intended to disrupt functions of internal cell structures while maintaining outer cell membranes, Pulse Biosciences said.
The rights offering, which will be made through distributing non-transferable subscription rights to purchase the company’s common stock, will include an over-subscription privilege to purchase additional shares that are unsubscribed at the end of the offering, according to an SEC filing.
Board chair Robert Duggan indicated that he plans to exercise all of his basic subscription rights in an amount not less than $15.6 million, according to the filing. Pulse Biosciences has not yet priced or set a date on the rights offering.
Earlier this month, Pulse Biosciences launched a clinical feasibility study of its Nano-Pulse Stimulation platform intended to treat cutaneous warts.