Skyline Medical said yesterday it acquired $15 million from a follow-on offering from new investor Dawson James Securities, floating 1.7 million shares of stock at $9 each.
Each share sold in the offering consists of a common share of stock, 1 share of Series B convertible preferred stock and 4 Series A warrants, according to the company.
“We are pleased to provide Skyline Medical with the capital required to expand their business and deliver on their overall strategic plan. The strength of the Skyline Medical story, combined with this unique unit structure, facilitated a successful transaction in the face of a volatile market environment. The up-listing from the OTCBB to Nasdaq should help position the company going forward with increased liquidity as well as attracting new institutional investors,” Dawson James CEO Robert Keyser Jr. said in a press release.
Funds are slated to be used to build inventory, increase research & development and expand U.S. sales and marketing, according to the Minneapolis, Minn.-based company.
Skyline Medical makes the Streamway system, designed for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care, according to the company.