The Elmsford, N.Y.-based company is looking to float 1.2 million shares of its common stock with warrants to purchase an additional 918,366 shares of stock. Shares are priced at $4.90 with each share sold with one five-year warrant to purchase an additional 0.75 shares of common stock at an exercise price of $6.95 per share.
NanoVibronix said it expects to bring in net proceeds of $5.1 million during the round.
Proceeds are slated to cover NASDAQ listing expenses, to help expand sales leadership and field level sales resources, R&D and to implement its Surface Acoustic Wave platform into other applications and for general corporate purposes,
according in a press release.
In July, NanoVibronix released interim trial results from a study of its UroShield ultrasound device designed to prevent bacteria and biofilms from forming on urinary catheters, touting significant reductions in bacterial numbers.