Dextera Surgical Announces Closing of $8 Million Underwritten Public Offering
May 16 2017 - 1:00PM
Business Wire
Dextera Surgical Inc. (NASDAQ:DXTR), a company developing and
commercializing the MicroCutter 5/80™ stapler based on its
proprietary ‘‘staple-on-a-strip’’ technology intended for use by
thoracic, pediatric, colorectal and general surgeons, today
announced the closing of a firm commitment underwritten public
offering of 8,000 shares of its Series B convertible preferred
stock and related warrants at a price to the public of
$1,000 per share of Series B convertible preferred stock for
gross proceeds of $8 million, prior to deducting underwriting
discounts and commissions and offering expenses payable by Dextera
Surgical.
Ladenburg Thalmann & Co. Inc., a subsidiary
of Ladenburg Thalmann Financial Services Inc. (NYSE
MKT:LTS), served as the sole book-running manager and Craig-Hallum
Capital Group LLC served as co-manager for the offering.
Each share of Series B convertible preferred stock, which is
convertible into 3,704 shares of common stock at a conversion price
of $0.27 per share, was accompanied by 3,704 series 1 warrants
each to purchase one share of common stock at an exercise price
of $0.27 per share with a term of exercise of five years, and
1,852 series 2 warrants each to purchase one share of common stock
at an exercise price of $0.27 per share with a term of
exercise of one year. In total, the shares of Series B
convertible preferred stock are convertible into 29.6 million
shares of common stock, and the warrants are exercisable for 44.5
million shares of common stock. The Company will use the proceeds
from this offering for general corporate purposes, including the
costs of development and sales and marketing activities for its
MicroCutter 5/80, research and development activities, and general
and administrative and manufacturing expenses.
This offering was made by means of a prospectus. Copies of
the final prospectus relating to this offering may be obtained at
the SEC's website at http://www.sec.gov or by
request by contacting Ladenburg Thalmann & Co. Inc., 277 Park
Avenue, 26th Floor, New York, NY 10172 or by email at
prospectus@ladenburg.com.
The securities were offered pursuant to a registration statement
on Form S-1 (333-216625) that was declared effective by
the SEC on May 11, 2017. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy any of the securities described herein, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
About Dextera Surgical Inc.
Dextera Surgical Inc. (Nasdaq:DXTR) designs and
manufactures proprietary stapling devices for minimally invasive
surgical procedures. Dextera Surgical also markets automated
anastomosis devices for coronary artery bypass graft (CABG) surgery
on the market today: the C-Port® Distal Anastomosis Systems and
PAS-Port® Proximal Anastomosis System. These products are sold
by Dextera Surgical under the Cardica brand name.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This announcement contains forward-looking statements regarding
Dextera Surgical’s business. These statements are subject to
significant risks and uncertainties and actual results could differ
materially from those projected. Dextera Surgical cautions
investors not to place undue reliance on the forward-looking
statements contained in this release. Risks and uncertainties
relating to Dextera Surgical and its business can be found in the
“Risk Factors” section of Dextera Surgical’s Form 10-Q for the
quarter ended March 31, 2017, filed with the SEC on May 10, 2017,
and in the final prospectus related to the offering filed with the
SEC on May 15, 2017. Dextera Surgical undertakes no duty or
obligation to update any forward-looking statements contained in
this release as a result of new information, future events or
changes in Dextera Surgical’s expectations.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170516006356/en/
Dextera Surgical Inc.Bob Newell, 650-331-7133Vice President,
Finance and Chief Financial
Officerinvestors@dexterasurgical.com