EnteroMedics Inc., a company developing a medical device to treat obesity, announced Friday it has raised $15.9 million through a private placement, via private placement memorandum.
The Roseville-based company, which went public in 2007, said “several accredited investors” bought 13 million shares of its common stock, at $1.15 per share.
The firm plans to use the funds to pay for clinical studies, to seek regulatory approvals and for general working capital.
The private placement (private placement memorandum) is expected to close on or before Feb. 24. Canaccord Adams Inc. was the sole placement agent for this offering.
EnteroMedics (Nasdaq: ETRM) lost $37.9 million in 2008 and had no revenue.
in 2007, said “several accredited invest