This article was originally published in The Gray Sheet
Receives $800,000 equity investment from a private investor through the sale of 290,909 units at $2.75 each. The units consist of one share of unregistered common stock and one warrant to purchase a share of unregistered common stock for $3.50. The company had announced Jan. 21 that it was seeking financing from "numerous corporate and private sources" to continue operations ("The Gray Sheet" Feb. 1, p. 14). Everest Medical Chairman Michael Hollenhorst says in a Feb. 8 release that the recent investment "provides us with necessary working capital which will help us to cover operating expenses as we roll out our laparoscopic surgical scissors and forceps." The company "will require additional capital, which is being sought from various sources." The minimally invasive surgery products manufacturer says it has taken steps to "further reduce" its operating expenses and expects to make "additional spending and staff reductions." The company believes the reductions can be made "without significantly jeopardizing" sales and development activities. The firm also announced Feb. 8 that it has received notice from its Japanese distributor, Koshin International, that Japan's Ministry of Health has granted approval for Koshin to commence promotion and sales of Everest Medical's Evershears bipolar laparoscopic scissors in Japan.
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