Private Placement – Cytori to raise $4.2 million in private placement
Cytori Therapeutics, a US-based developer of regenerative medicine, has entered into definitive agreements to raise approximately $4.2 million through a private placement with select investors (via private placement memorandum). The transaction was executed independently without a placement agent.
At closing, Cytori will issue and sell to investors 1.86 million units at a purchase price of $2.28 per unit. Each unit consists of one unregistered share of the company’s common stock and 1.75 warrants.
The warrants will be exercisable immediately after the closing of the transaction at an exercise price of $2.62 per share and have a five year term.
The funds will be used for sales and marketing activities related to the commercialization of the Celution system and consumables as well as other related and complementary products in Europe, for ongoing clinical studies of the Celution system for breast reconstruction and cardiovascular disease, and for general working capital.
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