ANN ARBOR, Mich. - ENDRA Life Sciences Inc. (NASDAQ:NDRA), a developer of Thermo Acoustic Enhanced Ultrasound (TAEUS®), announced its public offering pricing with expected gross proceeds of approximately $8 million.
The offering includes 61,538,461 shares of common stock or pre-funded warrants, alongside Series A and Series B Warrants, each with an exercise price of $0.22 per share. The purchase price for each share and accompanying Warrants is set at $0.13.
The offering is on a best-efforts basis, not requiring a minimum number of securities sold. Series A Warrants are exercisable five years from the initial date, while Series B Warrants will expire after two and a half years. The exercise of the Warrants is contingent upon shareholder approval and an amendment to the Company's certificate of incorporation to increase its authorized shares.
Planned to close on June 5, 2024, the offering's net proceeds are intended for working capital and general corporate purposes. Craig-Hallum Capital Group is the sole placement agent for the transaction.
ENDRA's TAEUS® technology aims to provide a cost-effective and non-invasive diagnostic tool for fatty liver diseases, a global health concern affecting over two billion people. The technology is also being explored for other clinical applications, including monitoring tissue temperature during surgical procedures.
The securities are offered pursuant to a registration statement filed and declared effective by the Securities and Exchange Commission (SEC). Details about the offering can be found in the final prospectus filed with the SEC, available on their website or through Craig-Hallum Capital Group.
This announcement is based on a press release statement and should not be considered an offer to sell or a solicitation of an offer to buy any securities. The sale of these securities will not be lawful in any state or jurisdiction where prior registration or qualification under the securities laws of such state or jurisdiction is required.
In other recent news, ENDRA Life Sciences has made considerable strides with its Thermo Acoustic Enhanced UltraSound (TAEUS) technology.
The company recently concluded a pre-submission meeting with the U.S. Food and Drug Administration (FDA) to discuss the clinical trial design for its TAEUS liver device, a critical step towards a U.S. De Novo regulatory filing. The device, designed to non-invasively assess fatty tissue in the liver, could potentially serve over two billion people worldwide.
Moreover, ENDRA reported its first quarter 2024 financial results, which showed a decrease in operating expenses and a net loss of $2.8 million. The company also installed the first TAEUS system in the United Kingdom, marking a significant milestone in its journey.
ENDRA is actively working with the FDA to align on clinical requirements for the system's De Novo application, while also exploring opportunities to license its intellectual property and expand the applications of its TAEUS platform.
These are recent developments that highlight ENDRA's commitment to revolutionize metabolic health with practical detection and monitoring of liver disease. As the company forges ahead, it continues to focus on building clinical evidence to support global commercial adoption of its TAEUS technology.
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