Financings in Brief: Medical Device Technologies Inc.
This article was originally published in The Gray Sheet
Medical Device Technologies Inc.: Enters a "firm commitment" agreement with First Allied Securities to underwrite 1.1 mil. shares of "cumulative, convertible, non-participating preferred stock, with a 6% dividend" to be sold for $5 per share. The San Diego-based company expects to receive proceeds of $5.3 mil. from the offering, which is slated to close by Dec. 1. Medical Device Technologies says it will use the proceeds to "continue development, marketing and sales" of its three medical products: the Personal Alarm System for "monitoring breakdown of infection barriers between patient and caregiver"; the Cell Recovery System for non-invasive endoscopic cell recovery and diagnosis; and the Intra-Cranial Measurement System for non-invasive determination of cranial pressure...
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