Watertown, Mass.-based pSivida, which develops ophthalmic drug-delivery devices, expects to net $9.9 million from an equity and warrant-based round involving a group of private investors, the company said today.
pSivida entered into a securities purchase agreement with institutional investors to raise approximately $10.8 million through the sale of a total of 2,150,000 shares of the its common stock and warrants to purchase 537,500 more shares, the according to a press release. pSivida expects the offering to close Jan. 24 and wasn’t specific about how it will use of the funds, noting that the financing would support "general corporate purposes."
pSivida suffered a setback earlier this month when the Food & Drug Administration shot down the Iluvien drug-device combination for lidocaine it’s developing with Alimera Sciences Inc. (NSDQ:ALIM).
Rodman & Renshaw Capital Group Inc. (NSDQ:RODM) subsidiary Rodman & Renshaw LLC acted as lead agent and Ladenburg Thalmann Financial Services Inc. (AMEX:LTS) subsidiary Ladenburg Thalmann & Co. Inc. acted as co-placement agent for the offering, according to a Securities & Exchange Commission filing.
For its part, Salt Lake City-based TechniScan entered into an equity purchase deal with Southridge Partners II LP.
The deal stipulates that TechniScan can sell the investment firm up to $10 million of its common stock over a two-year period. The agreement with Southridge eliminates the company’s previously planned public offering, according to an SEC filing.
“We plan to use the proceeds, as needed, to support our clinical studies of Warm Bath Ultrasound breast imaging technology,” CEO Dave Robinson said in prepared remarks.
TechniScan also announced a product development agreement today with Austin, Texas-based Womens3D Inc. worth a minimum of $1.5 million, according to a press release.
As part of the deal, Womens3D acquired a prototype of TechniScan’s Warm Bath Ultrasound system for $250,000 and is planning to contribute at least $1.25 million more to develop a specialized whole breast ultrasound imaging system based on the WBU product, which is now in clinical testing.