ANN ARBOR, MI / ACCESSWIRE / November 13, 2018 / ENDRA Life Sciences Inc. ("ENDRA" or the "Company") (NDRA), a developer of enhanced ultrasound technologies, has closed its previously announced underwritten public offering of 1,205,000 shares of common stock at an offering price of $3.90 per share. In connection with the offering, the underwriter exercised in full its over-allotment option to purchase an additional 180,750 shares of common stock at the public offering price to cover over-allotments. All of the common shares were offered by the Company.
As a result, the total public offering size was 1,385,750 shares of common stock, and the gross proceeds from the public offering were approximately $5.4 million, before deducting underwriting discounts and offering expenses.
"On the heels of our recent Investigational Testing Authorization to commence human studies with our Thermo-Acoustic Enhanced Ultrasound, or TAEUS™, clinical system and the recent demand from institutional investors, we strategically raised the necessary capital to clean up our balance sheet and extend our financial runway," said Francois Michelon, CEO of ENDRA Life Sciences.
"Furthermore, we now have no debt outstanding and are confident that, with over $8.5 million recently added to the balance sheet and transformative milestones on the horizon, any near-term dilution risk is behind the company. We look forward to executing on our near-term commercial objectives," concluded Michelon.
