Bovie Medical closes $6m offering

Bovie Medical (NYSE:BVX) today closed a $6 million funding round, floating 1.63 million shares of stock at $4 per share.

The round also included a secondary offering of 1.63 million shares made by certain stockholders of the company, Clearwater, Fla.-based Bovie Medical said in an SEC filing.

Net proceeds, after deducting discounts, commissions and expenses from the primary offering are expected to be $6 million, while all proceeds raised by the secondary offering will go to the selling stockholders.

The raised funds are on target with what the company was expecting when it priced the round earlier this month, expecting to bring in $12 million total to support expanding sales and marketing and R&D.

The offering includes a 30-day underwriters option to purchase an additional 450,000 shares of common stock, according to a press release.

Funds from the round will support the expansion of sales and marketing and research and development, as well as to conduct clinical trials and for general working capital and corporate purposes, the company said.

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