Skyline Medical said yesterday it closed a $2 million offering, with funds slated to support general corporate purposes.
The funds were raised through the sale of 756,999 units of common stock at $2.62 per share and 5-year warrants for 756,999 shares exercisable at 6 months at $4.46 per share.
Net proceeds from the round are expected to be $1.7 million, according to a press release. Dawson James Securities acted as the placement agent for the offering.
Last month, Skyline Medical said it won Health Canada approval for its Streamway medical fluid disposal device, launching it and its associated accessories in the region.
The Streamway System is an automated direct-to-drain medical fluid disposal system, the Minneapolis, Minn.-based company said.
Skyline Medical said that “a number of distributors” have shown interest in selling the Streamway in Canada, and that the company is currently in talks with them. The company expects to reach a deal within the coming weeks to distribute the product across 1,500 hospitals in all 13 Canadian provinces.