Feb 5 2011
ArtVentive Medical Group, Inc. announced today a ten million dollar ($10,000,000 USD) financing agreement with a European financial group. A firm commitment for the first tranche of $1,950,000 is at $.90 per share with the remainder of the financing to be priced at not less than $.90 per share. The pricing will be tied to the then current market price when drawn down by the Company.
The financing will be dedicated to clinical trials and regulatory approvals, prior to commercialization in Europe and North America, with Eastern Europe, Japan, Asia Pacific and Latin America following.
"This financing agreement is a pivotal point in the Company's growth and paves the way for the timely execution of the targeted 2011 European commercialization of the EOS device," said Jim Graham, CEO, ArtVentive Medical Group, Inc. "We are pleased with the compounding success that we have achieved and we look forward to the continued expansion of our EOS product line."
Source:
ArtVentive Medical Group, Inc