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Print Edition StoriesWednesday, February 17, 2010
NMT Medical stock offering pulls in $6M
By Mass High Tech staff
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NMT Medical Inc., a Boston maker of medical implant technologies, has completed a private placement to bring in about $5.8 million. The stock and warrants offering to new and existing shareholders is expected to be used to fund clinical trials and development programs.
According to terms of the offering, the company planned to sell 2.7 million shares of common stock at $2.15 per share, including warrants for 2.1 million additional shares at $2.90 per share.
In June of 2009, NMT landed a two-year line of credit worth $4 million from Silicon Valley Bank, which was to be used to help finance the company’s clinical trials and development programs, officials said.
NMT Medical (Nasdaq: NMTI) develops implant technologies that treat structural heart disease using minimally invasive, catheter-based procedures. The company had cash and cash equivalents of $8.9 million at the end of 2009.
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