Spectral Medical closes over-allotment, brings in $10.5m in round

Spectral Medical said today it closed an over-allotment on its most recent round of financing, selling an additional 806,804 shares at 70¢ per share to lift the round to $10.5 million

Toronto-based Spectral makes a system designed to diagnose and remove endotoxin from the bloodstream.

The offering was underwritten by a syndicate led by Cormark Securities and joined by Mackie Research Capital Corporation, according to a press release.

Spectral Medical announced the offering last week, which consisted of 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.

Proceeds from the offering will be used to complete the company’s Euphrates clinical trial and for the commercialization of the company’s PMX device, as well as for general corporate purposes.

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.

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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