Amedica Corporation (NASDAQ:AMDA) a firm that commercializes and advances silicon nitride ceramics, reported the pricing of a public offering of warrants and common stock with offering price of $0.51 per share and 0.45 warrants. A unit of warrant is exercisable for a unit of common stock.
The firm anticipates to obtain gross proceeds of almost $4.5 million, before subtracting underwriting commissions and discounts and other projected offering expenses. It has also given a 45-day alternative to the underwriters to buy up to an additional 15% of the equity of common stock and up to 15% of the warrants; given that in no event may the total market value of shares sold in the offering, comprising from the over-allotment alternative, surpasses the limitations set forth just to cover over-allotments, if any.
The details
Amedica reported that the warrants exercise price is fixed at $0.55 a share. They can be exercised immediately, and will expire 5 years from the issuance date. The offering is anticipated to close by January 24, 2017, dependent on customary closing conditions.
Amedica plans to use the net proceeds from the public offering to remain in agreement with the financial agreements in its unpaid Loan and Security deal, support general corporate purposes and working capital needs, fund commercialization and R&D activities of lead candidates. It comprises the funding of clinical studies that the company intends to conduct for its lead candidates. Also, the proceeds will be used to build sales, distribution and marketing capabilities for company’s silicon nitride technology know-how and other products, comprising the costs of instruments and inventory.
In unrelated news, Amedica reported successful closure of the first surgery applying the Taurus™ Pedicle Screw System. It was performed by Dr. Thomas Scioscia. Taurus’ modularity was convenient to use and enhanced visualization of the disc space. The flexibility to select a decline or standard headbody once the screws were put was a key benefit.
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