BOCA RATON, Fla., June 13, 2018 (GLOBE NEWSWIRE) -- Dawson James Securities, Inc. and Maxim Group LLC acted as dealer-managers on an oversubscribed equity subscription rights offering for PAVmed Inc. (Nasdaq:PAVM) (Nasdaq:PAVMZ) which raised the maximum gross proceeds of $10,350,000 and closed on June 12th.
Pursuant to the Rights Offering, PAVmed’s stockholders exercised, and the Company accepted equity subscription rights resulting in the issuance of 9 million units that consisted of one share of common stock and one Series Z Warrant. Each right entitled the holder to purchase one unit at a subscription price of $1.15 per unit, with each unit consisting of one share of common stock (PAVM) and one Series Z Warrant (PAVMZ) to purchase one share of common stock with an exercise price of $1.60.
The Company intends to use the net proceeds from the offering for general working capital and corporate purposes.
About PAVmed
PAVmed Inc. is a highly differentiated, multiproduct medical device company employing a unique business model designed to advance innovative products to commercialization much more rapidly and with significantly less capital than the typical medical device company. This proprietary model enables PAVmed to pursue an expanding pipeline strategy with a view to enhancing and accelerating value creation. PAVmed’s diversified pipeline of products address unmet clinical needs encompassing a broad spectrum of clinical areas with attractive regulatory pathways and market opportunities. Its four lead products provide groundbreaking approaches to carpal tunnel syndrome (CarpX™), precancerous conditions of the esophagus (EsoCheck), vascular access (PortIO™) and pediatric ear infections (DisappEAR™). The company is also developing innovative products in other areas, such as medical infusions and tissue ablation, while seeking to further expand its pipeline through engagements with clinician innovators and leading academic medical centers. For further information, please visit www.pavmed.com.
About Dawson James Securities
Dawson James Securities specializes in capital raising for small and microcap public and private growth companies primarily in the Life Science/Health Care, Technology and Consumer sectors and is a full-service investment banking firm with research, institutional and retail sales, and execution trading and corporate services. Headquartered in Boca Raton, FL, Dawson James is privately held with offices in New York, Maryland and New Jersey. www.dawsonjames.com
