The rights offering will be made through the distribution of non-transferable subscription rights to purchase shares of the Hayward, Calif-based company’s common stock. The final price has not been set.
Pulse Biosciences said it will use the proceeds for general working capital purposes as described in the offering documents, including the ongoing investment in current and future clinical studies evaluating the safety and efficacy of the company’s Nano-Pulse Stimulation technology, which delivers nanosecond pulses of electrical energy to clear cells while sparing adjacent non-cellular tissue.
Specifically, the capital would fund efforts to secure 510(k) notification for the CellFX System, which could be used to treat a broad range of dermatologic conditions.
Shares of PLSE closed down 4.97% today at $6.89. The company, which hasn’t recorded any revenue, last year, reported a net loss of $46.9 million.
It went public in 2016, and chairman Robert W. Duggan owns 43% of its outstanding common stock.