Friday December 21, 2018 0 comments
BOULDER -- Encision Inc. (PK:ECIA), a medical device company owning patented Active Electrode Monitoring (AEM®) technology that prevents dangerous stray electro-surgical burns in minimally invasive surgery, today announced it completed a private placement of 875,000 shares of its common stock to CMED Partners LLLP ("CMED").
The private placement, which represents 7.6% of the total number of shares outstanding, will raise, before costs, a total of $350,000 -- or $0.40 a share -- the company said.
The securities sold in the private placement will not be registered under the Securities Act of 1933, as amended, or applicable state securities laws. The securities were offered only to CMED, an accredited investor.
"We appreciate the continued confidence that CMED has placed in us," said Greg Trudel, Encision president and CEO.
"Net proceeds from the sale of the shares will be used for general business purposes and, in particular, for greater sales, marketing, and research and development presence."
Based in Boulder, Encision Inc. designs and markets a portfolio of high-performance surgical instrumentation that delivers advances in patient safety with AEM technology, surgical performance, and value to hospitals across a broad range of minimally invasive surgical procedures.