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Print Edition StoriesImplant Sciences Corp. plans to relocate its headquarters from Wakefield to Wilmington, according to the company.
The company, which makes sensors for the defense and homeland security markets, has leased a 23,000 square-foot facility at 600 Research Dr. in Wilmington from Wakefield Investments Inc. Implant (NYSE Alternext US: IMX) said it plans to realize annual cost savings of about 50 percent by moving.
Implant said it plans to move into the fully operational facility by the end of the year, when the lease for the company’s Wakefield facility also expires.
Yesterday, the company announced it has raised $5.6 million in a note and warrant sale with DMRJ Group LLC. As a condition of the financing, Implant agreed to replace two members of its board of directors — former SatCon Technology Corp. CEO David Eisenhaure and Michael Szycher — with directors chosen by DMRJ. Implant also issued DMRJ a five-year warrant to purchase one million shares of its common stock at an initial exercise price of 26 cents per share.
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