Spectral Medical looks to raise $10m

Spectral Medical said it inked a deal for a $10 million stock sale it plans to use to fund a clinical trial.

Toronto-based Spectral makes a system designed to diagnose and remove endotoxin from the bloodstream. The offering involves the purchase of 14.3 million shares at 70¢ apiece by a consortium of underwriters, who plan to then sell the stock to the public.

The company said it plans to use the proceeds  to fund the Euphrates study of its Toraymyxin device and endotoxin active assay, and to commercialize its PMX device.

The Euphrates trial is expected to enroll roughly 446 patients, with a primary endpoint of 28-day mortality. It’s designed to compare the standard of care with treatment using the Toraymyxin device.

The offering includes a 30-day, 2.145-million over-allotment, Spectral said. It’s expected to close Feb 18, according to the company.

Late last year Spectral inked a deal with Fresenius Medical Care to distribute its Endotoxin activity assay devices. to distribute the EAA test and Toraymyxin device in Germany, Denmark, Sweden, Finland, Norway, Poland, Hungary and the Czech Republic.

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