Endra Life Sciences announces pricing of $8 million public offering

ANN ARBOR–Endra Life Sciences Inc. (Nasdaq: NDRA), developer of Thermo Acoustic Enhanced UltraSound (TAEUS) medical treatment technology, announced that it has priced a public offering with gross proceeds to the company expected to be approximately $8 million, before deducting placement agent fees and other estimated expenses payable by the Company.

Company officials said the offering is a best-efforts offering, with no minimum amount of securities required to be sold.

The offering is comprised of 61,538,461 shares of the company’s common stock or pre-funded warrants in lieu of shares of common stock. Each share of common stock or pre-funded warrant will be sold with one Series A Warrant to purchase one share of common stock at an exercise price of 22 cents per share (the “Series A Warrants”) and one Series B Warrant to purchase one share of common stock at an exercise price of 22 cents per share or, pursuant to an alternative cashless exercise option, three shares of common stock at a price of one-tenth of a cent per share (the “Series B Warrants” and, together with the Series A Warrants, the “Warrants”). The Warrants cannot be exercised until the later of the approval of their terms by the Company’s stockholders at a stockholders’ meeting and effectiveness of an amendment to the Company’s certificate of incorporation increasing the number of authorized shares of its common stock. The Series A Warrants will expire on the five-year anniversary of the initial exercise date and the Series B Warrants will expire on the two and one-half-year anniversary of the initial exercise date.

The purchase price of each share of common stock and accompanying warrants is 13 cents and the purchase price of each pre-funded warrant and accompanying Warrants will be equal to such price minus $0.0001.

The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. This offering is expected to close on or about June 5,  subject to satisfaction of customary closing conditions.

Craig-Hallum is acting as sole placement agent for the offering.

Endra Life Sciences is developing novel technology that characterizes tissue similar to an MRI, but at one fortieth 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 non-invasive assessment of fatty tissue in the liver. Steatotic liver disease (SLD, formerly known as NAFLD-NASH) is a chronic liver disease spectrum that affects 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 non-invasive visualization of tissue temperature during energy-based surgical procedures. For more information, visit www.endrainc.com.

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