SANUWAVE Health, Inc. (OTCBB: SNWV), an emerging medical technology company focused on regenerative medicine, announces that it has raised gross proceeds of $4,102,660 from the exercise of Options that were issued as part of the sale of Units to accredited investors during 2010. The Options had an expiration date of January 31, 2011. In connection with the exercise of Options, the Company issued 2,051,330 shares of Common Stock and 2,051,330 Class D Warrants to purchase one share of Common Stock at an exercise price of $2.00.
"By exercising their Options, current investors have affirmed their confidence in the Company's direction and commercial potential and provided us with additional capital to advance the U.S. launch of dermaPACE® for the treatment of diabetic foot ulcers," said Christopher M. Cashman, President and CEO of SANUWAVE.
"SANUWAVE recently reported compelling data from our Phase III clinical trial of dermaPACE® to treat diabetic foot ulcers, which clearly demonstrated that dermaPACE® alone significantly accelerated the rate of ulcer closure and significantly reduced ulcer size. This data showed with high statistical significance that at 12 weeks, 48% of patients treated with dermaPACE® compared to 31% of sham control patients experienced wound closure of 90% or better. Of the patients treated with dermaPACE® that achieved wound closure at 12 weeks, only 4.5% had recurrence at 6 months. We are very encouraged by these highly positive and clinically meaningful results and look forward to filing the final module of our Premarket Approval (PMA) application with the U.S. Food and Drug Administration (FDA) later this quarter," added Mr. Cashman.
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