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Financing
Patient Safety Technologies Closes on $1.59 Million in Equity Financing
November 9th, 2007
Patient Safety Technologies, Inc. (PST) (OTCBB:PSTX) announced that it has closed on $1.59 million in equity financing in a first closing of a private placement. The proceeds will go towards further capitalizing SurgiCount Medical in its efforts to gain market share. Investors in the first closing of the private placement purchased 1,272,000 shares of the Company's common stock at a price of $1.25 per share and received a 5-year warrant to purchase an additional 763,200 shares of the Company's common stock at an exercise price of $1.40 per share. The investors paid $1.5 million in cash and agreed to extinguish $90,000 in existing debt owed to them by PST. Pursuant to the terms of the...
Source: Biotech Law Weekly (2007-11-09)
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