Enteromedics Inc (ETRM)

[PJO]

BUMMER
12/23/15 shareholders approve three proposals, including a 1:15 reverse split of common shares effective January 7.
Shareholders also OK an increase in the number of authorized shares issuable after the reverse split and the issuance of common stock underlying convertible notes and warrants issued by the company pursuant to its November 4, 2015securities purchase agreement with five institutional investors. Under the terms of the deal, EnteroMedics will issue $23.5M in notes and warrants after the reverse split.
Net proceeds will fund commercialization activities for the vBloc neurometabolic therapy, clinical and product development, working capital and general corporate purposes.