This article was originally published in The Gray Sheet
Launch of the firm's PSA 4000 anesthesia monitoring system will be funded by $21.7 mil. in net proceeds from a private placement of about 2 mil. shares of common stock and warrants to purchase approximately 600,000 additional shares at a "30% premium to the placement share price," according to the firm. In January, North Billerica, Massachusetts-based Physiometrix completed the last of three trials in support of a 510(k) application for the PSA 4000, which the company expects to file this month. FDA clearance is anticipated by June, at which time the firm hopes to have decided between two remaining candidates for distribution rights. For the fourth quarter ended Dec. 31, the firm reported sales of $78,008, down from $157,962 for the comparable 1998 quarter. A net loss of $1.1 mil. for the three months compares to a loss of $1.5 mil. for the 1998 fourth quarter
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