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Know Labs prices $7M public offering

September 27, 2023 By Sean Whooley

Know Labs non-invasive blood glucose monitor device
The Gen 1 prototype device. [Image courtesy of Know Labs]
Know Labs (NYSE:KNW) announced today that it priced an underwritten public offering worth about $7 million in proceeds.

Seattle-based Know Labs, which develops a non-invasive glucose monitor, is offering 28 million shares of common stock. It priced the offering at 25¢ per share, with aggregate gross proceeds expected to total $7 million.

The company expects the offering to close on or about Sept. 29, subject to customary closing conditions. Know Labs also granted underwriters a 30-day option to purchase up to 4.2 million additional shares of common stock. Those shares cover over-allotments at the 25¢ per share public offering price.

Know Labs earmarked the proceeds for product development, clinical studies and general administrative expenses. Funds may also go toward intellectual property and working capital, according to a news release. The Benchmark Company, LLC and Boustead Securities, LLC serve as joint bookrunning managers for the offering.

The company first unveiled the prototype for its proprietary non-invasive sensor technology in June. Its proprietary Bio-RFID technology uses spectroscopy to direct electromagnetic energy through a substance or material. Through this, it can capture a unique molecular signature. The technology integrates into wearable, mobile or bench-top form factors.

Know Labs reported positive data for that prototype in July. The study showed that continued algorithm refinement and more high-quality data improved the sensor’s accuracy. Results included in an overall mean absolute relative difference (MARD) of 11.3%.

The company continues testing for its first-generation sensor prototype with an eye on eventually garnering FDA clearance.

Filed Under: Business/Financial News, Diabetes, Featured, Funding Roundup, Patient Monitoring, Technology Tagged With: Know Labs

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at swhooley@wtwhmedia.com.

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