Financings in Brief: Somanetics
This article was originally published in The Gray Sheet
Executive Summary
Somanetics: Extends redemption date of its Class B warrants from August 4, 1995 to November 8, 1995. The Troy, Michigan-based developer of the Cerebral Oximeter monitoring system recently grossed $1.9 mil. in a placement of 750,000 units for $2.50 each. The units placed consist of two common shares and one warrant to buy a common share for $2 before July 13, 2000. Somanetics says net proceeds from the offering will be used "to sustain its operations, including clinical research and selling and marketing efforts; to fund its losses; and for working capital purposes, including increased accounts receivable and inventories"...