- Ocean Biomedical Inc (NASDAQ:OCEA) entered into a private placement under a securities purchase agreement with Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B, for a $25 million facility of senior secured convertible promissory notes.
- The Notes will be funded in multiple tranches.
- Ocean Biomedical intends to use the proceeds for working capital and other general corporate purposes, including clinical development costs to support the development of Ocean Biomedical’s drug candidates and the expansion of R&D programs.
- Ocean Biomedical expects to issue an aggregate of $25 million of Notes, which have a 12-month maturity and are convertible into Ocean Biomedical shares at an initial conversion price of $10.34 per share.
- Ocean Biomedical has agreed to file a registration statement registering for the sale of the shares of common stock issuable upon conversion of the Notes.
- “We are excited to work closely with Alto to create value for all our stakeholders,” said Chirinjeev Kathuria, Ocean Biomedical’s Chairman and co-founder.
- “This financing deal will enable us to advance our research and development efforts and bring life-changing therapies to patients with unmet medical needs,” said Suren Ajjarapu, a Director at Ocean Biomedical.
- Price Action: OCEA shares are down 5.51% at $5.32 on the last check Tuesday.
Medtronic’s EV ICD System Proves Effective in Cardiac Arrhythmia Management: Long-term Study Results
Medtronic plc (NYSE: MDT) announced longer-term follow-up results of its investigational Extravascular Implantable Cardioverter Defibrillator (EV ICD) System, designed to treat dangerously fast heart rhythms that can lead to sudden cardiac arrest, including patients followed
