Miramar Labs, Inc. Completes Alternative Public Offering, Raises $9.0 Million
June 08 2016 - 8:01AM
Funding to Support Further
Commercialization of miraDry® for Sweat Reduction
and Innovation of New Products
Miramar Labs, Inc. (OTCQB:KTLC), announced today its successful
completion of a reverse merger with Miramar Technologies, Inc., the
manufacturers of the miraDry® system which delivers microwave
energy to non-invasively destroy sweat and odor glands in the
underarm. The combined entity will trade on the OTC Markets
solely focusing on the business of Miramar and has applied for the
ticker symbol “MIRA”.
Miramar also announced today that it has completed a private
placement with gross proceeds of approximately $9.0 million from
the issuance and sale of 1.8 million shares of its common stock.
Proceeds from the private placement will be used to support
the ongoing commercialization of the miraDry® system, for the
development and clinical studies related to products targeted for
new indications, and for general corporate purposes, including
working capital. Investors in the private placement included Domain
Associates, Morgenthaler Partners, Aisling Capital,
RusnanoMedInvest (RMI), Cross Creek Advisors, and Montrose Capital
Partners.
“The financing, in connection with Miramar’s alternative public
offering, will provide resources necessary to continue our delivery
of new innovative applications to treat unmet needs in the
aesthetic marketplace,” said Michael Kleine, Miramar’s CEO.
"With over 55,000 patients already treated with the miraDry®
procedure in over 40 countries, we have firmly established that
microwave technology is not only an acceptable treatment option,
but it has become the treatment of choice in physician’s offices
for the reduction of underarm sweat.”
In
connection with the private placement, Miramar has agreed, subject
to certain terms and conditions, to file a registration statement
under the Securities Act of 1933, as amended, covering the resale
of the shares of common stock issued in the reverse merger and the
private placement and in connection with the exercise of warrants
issued to the placement agents, within 90 days after the closing.
The shares of common stock issued or to be issued pursuant to the
merger, the private placement and the placement agent warrants have
not been registered under the Securities Act of 1933, as amended,
or state securities laws and may not be offered or sold in the
United States absent registration with the Securities and Exchange
Commission or an applicable exemption from the registration
requirements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About Miramar Labs:
Founded in 2006, Miramar Labs is a global
medical device company dedicated to bringing innovative
applications to treat unmet needs in the aesthetic marketplace.
Supported by rigorous clinical research, Miramar Labs is focused on
addressing medical conditions for which there are significant unmet
clinical needs. The company’s first priority is the treatment of
bothersome underarm sweat, an issue that millions of people deal
with daily. The miraDry® procedure has an established safety and
efficacy profile with over 55,000 patients treated worldwide.
Physicians and patients are encouraged to visit www.miramarlabs.com
or www.miradry.com for additional information.
Forward Looking Statements:
This press release contains forward-looking statements. Statements
in this press release that are not purely historical are
forward-looking statements. Such forward-looking statements
include, among other things, references to Miramar’s technologies,
anticipated uses of proceeds from the private placement, business
and product development plans, physician adoption and market
information. Actual results could differ from those projected in
any forward-looking statements due to numerous factors. Such
factors include, among others, the ability to raise the additional
funding needed to continue to pursue Miramar’s business and product
development plans, the inherent uncertainties associated with
developing new products or technologies, the ability to
commercialize the miraDry® system, competition in the industry in
which Miramar operates and overall market conditions. These
forward-looking statements are made as of the date of this press
release, and Miramar assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements, except as required by law. Investors should review all
of the information set forth herein and should also refer to the
risk factor disclosure set forth in the reports and other documents
Miramar files with the SEC, available at www.sec.gov.
Contact:
Investors:
Brigid Makes
Sr. Vice President & CFO
Phone: 408.579.8700
Email: investors@miramarlabs.com
Media/Other:
Robert Ellis
Vice President of Global Marketing
Miramar Labs
Phone: 408-579-8706
Email: info@miramarlabs.com
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