Optical imaging developer DOBI Medical International has secured more than $6 million in financing via a securities purchase agreement with institutional investors.
The transaction will result in aggregate gross cash subscription proceeds of approximately $5.3 million in two equal installments. The Mahwah, NJ-based firm said it will use the proceeds of the private placement for working capital and general corporate purposes, to complete its clinical trial research study and PMA application to the U.S. Food and Drug Administration, and to conduct international sales and marketing efforts.
By AuntMinnie.com staff writers
May 1, 2006
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