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Funding drugs for rare diseases
Cambridge Heart Inc. reports it has raised about $1.8 million in a private stock placement.
Under the deal, Cambridge Heart (OTCBB: CAMH) issued about 1,800 shares of Series D convertible preferred stock at a purchase price of $1,000 per share. The company said the financing was provided by a new, unnamed institutional investor and existing shareholders and directors.
The Tewksbury-based company plans to use the funding to execute on its current plans, and officials said that is it does so successfully it should be able to raise more working capital within a year.
Last month, Cambridge Heart partnered with Cardiac Science Corp., a Bothell, Wash.-based developer of cardiology diagnostic systems. Under the partnership, Cambridge Heart’s diagnostic technology would be used in Cardiac Science’s cardiac stress test systems.
In August, an investor in Cambridge Heart, Blumberg Capital Advisors, announced that it sold 1.7 million shares of its stock.
Founded in 1990, Cambridge Heart develops non-invasive diagnostic sensors for cardiac disease in order to identify people at risk for sudden cardiac arrest. The company’s technology was developed at MIT.
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