Endra Life Sciences closes $4.5M public offering, with full exercise of option

ANN ARBOR–The medical device developer Endra Life Sciences Inc. (Nasdaq: NDRA) announced the closing of its previously announced underwritten public offering of 4,312,500 shares of its common stock and warrants to purchase 2,156,250 shares of its common stock, which included the exercise in full by the underwriter of its option to purchase 562,500 additional shares of Endra’s common stock and additional warrants to purchase 281,250 shares of common stock.

The warrants were sold at the rate of one warrant for every two shares of common stock and are exercisable at a price per share of $1.40. The public offering price for each set of two shares of common stock and accompanying warrant to purchase one share of common stock was $2.41 per set of securities, yielding an effective price of $1.20 per share and 1 cent per warrant, for net proceeds of approximately $4.5 million after deducting the estimated underwriting discounts and commissions and estimated offering expenses.

All of the securities in the underwritten public offering were sold by Endra. The warrants will not be listed on any securities exchange or other nationally recognized trading system. Endra intends to use the proceeds from the offering for working capital and other general corporate purposes, which may include funding product development, submission for regulatory approvals of its products, and commercialization activities.

Endra has developed Thermo Acoustic Enhanced UltraSound (TAEUS) 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 the more than 700,000 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 Non-Alcoholic Steatohepatitis (NASH), chronic liver conditions that affect over two 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, please visit www.endrainc.com.

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