Cardiac Science
This article was originally published in The Gray Sheet
Executive Summary
Powerheart external cardiac defibrillator-monitor system developer raises roughly $21 mil. in a private placement of stock with Australian and Swiss investors, in addition to the $9.7 mil. raised in June (1"The Gray Sheet" July 3, p. 12). Institutional investors included Domain Associates, Hunt Financial Corp. and the Pratt Group. Led by de Greef & Co., the financing has netted about $30.5 mil. over the past two months from the sale of roughly 6.8 mil. shares at $4.50 each. Proceeds will be used "to drive adoption of...the Powerheart, and to develop additional embodiments of our life-saving fully automatic defibrillation technology," President and CEO Raymond Cohen comments July 25
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Cardiac Science
Maker of the Powerheart automatic external cardiac defibrillator-monitor raises $9.7 mil. through a private placement of about 2.2 mil. shares of common stock at $4.50 per share to Swiss investors. Proceeds will be used for global marketing initiatives for the Powerheart, which gained 510(k) clearance in January, as well as for development of additional products and working capital. The Irvine, California company says it is in discussions "with several other investor groups and anticipates additional subscriptions to the current private placement round prior to its closing." Separately, Cardiac Science announces June 27 a license agreement with Medtronic Physio-Control for use of its proprietary technology in Medtronic Physio-Control's LifePak external defibrillators for the hospital market
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