ANN ARBOR—The Ann Arbor medical device startup Endra Life Sciences Inc. (Nasdaq: NDRA) announced that it has raised $8.7 million year-to-date from the sale of common stock through its at-the-market equity facility.
Pursuant to its ATM equity offering sales agreement with Ascendiant Capital Markets LLC, the company sold approximately 20.6 million shares of common stock at an average price of 42 cents per share.
“Our ATM facility was put in place to give us the flexibility to raise capital on an opportunistic basis and strengthen our balance sheet in a highly efficient manner during challenging market conditions,” said Endra CEO Francois Michelon. “As our stock experienced strong trading volume, we utilized our ATM to capitalize the company into 2023 with the issuance of straight common shares, without the overhang of warrants or convertible debt. Our significantly bolstered cash position is expected to fund operations through several important milestones, including ramping our commercial activities in Europe and advancing the TAEUS system through the regulatory process in the U.S.”
As of Dec. 31, Endra had cash and cash equivalents of $9.5 million and 50.4 million fully diluted shares outstanding.
Endra is the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS), a technology being developed to visualize tissue like MRI, but at 1/50th the cost and at the point of patient care. TAEUS is designed to work in concert with 400,000 cart-based ultrasound systems in use globally today. TAEUS is initially focused on the measurement of fat in the liver as a means to assess and monitor Non-Alcoholic Fatty Liver Disease (NAFLD) and inflammation (NASH), chronic liver conditions that affect over one billion people globally, and for which there are no practical diagnostic tools. Beyond the liver, Endra is exploring several other clinical applications of TAEUS, including visualization of tissue temperature during energy-based surgical procedures. For more information, visit www.endrainc.com.