This article was originally published in The Gray Sheet
TUNA developer raises $16.5 mil. via direct placement with institutional purchasers and private investors of more than 4.3 mil. shares of common stock priced at about $3.84 per share. The firm also issues warrants for purchasers to buy about 1.1 mil. shares of common stock at $5 per share through May 20, 2001. The capital infusion will be used to "fund ongoing operations" and enable management to increase public awareness and gain approval by state governments to reimburse for benign prostatic hyperplasia procedures involving the firm's transurethral needle ablation (TUNA) system. VidaMed, which introduced the 510(k)-cleared TUNA platform in October 1996 ("The Gray Sheet" Oct. 14, 1996, I&W-4), is launching at the American Urology Association meeting the week of May 31 the PROVu TUNA system. Comprised of a reusable handle, disposable cartridge and telescope, PROVu facilitates access to the middle and lateral-prostatic lobes for TUNA treatment. The system was 510(k)-cleared in November, the company says
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