Sanara MedTech said last week that it closed a private equity offering worth $10 million in common stock.
The offering included more than 1.2 million newly issued shares at $8.30 each, according to Forth Worth, Texas-based Sanara, formerly known as Wound Management Technologies.
They were sold to three unnamed investors, according to a regulatory filing.
Sanara said it intends to use the proceeds from the offering to fund milestone payments under current and future product license agreements. The company also plans to put money toward repaying debts from its bank line of credit, as well as operating expenditures such as clinical studies and sales force expansion.
The company markets and distributes wound and skincare products, primarily selling its products in North American markets.