ENDRA Life Sciences Announces Closing of Public Offering and Full Exercise of Underwriter’s Option to Purchase Additional Securities
May 02 2023 - 4:01PM
Business Wire
ENDRA Life Sciences Inc. (Nasdaq: NDRA) (“ENDRA” or the
“Company”), a pioneer of Thermo Acoustic Enhanced UltraSound
(TAEUS®), announced today the closing of its previously announced
underwritten public offering of 4,312,500 shares of its common
stock and warrants to purchase 2,156,250 shares of its common
stock, which included the exercise in full by the underwriter of
its option to purchase 562,500 additional shares of ENDRA’s common
stock and additional warrants to purchase 281,250 shares of common
stock. The warrants were sold at the rate of one warrant for every
two shares of common stock and are exercisable at a price per share
of $1.40. The public offering price for each set of two shares of
common stock and accompanying warrant to purchase one share of
common stock was $2.41 per set of securities, yielding an effective
price of $1.20 per share and $0.01 per warrant, for net proceeds of
approximately $4.5 million after deducting the estimated
underwriting discounts and commissions and estimated offering
expenses.
All of the securities in the underwritten public offering were
sold by ENDRA. The warrants will not be listed on any securities
exchange or other nationally recognized trading system. ENDRA
intends to use the net proceeds from the offering for working
capital and other general corporate purposes, which may include
funding product development, submission for regulatory approvals of
its products, and commercialization activities.
Newbridge Securities Corporation acted as sole underwriter of
the offering. K&L Gates LLP acted as counsel to the Company and
McGuireWoods LLP acted as counsel to the underwriter.
The common stock and warrants to purchase common stock described
above were offered by ENDRA pursuant to a registration statement
(File Nos. 333-271003 and 333-271483) previously filed with and
subsequently declared effective by the Securities and Exchange
Commission (the “SEC”). A final prospectus relating to the offering
was filed with the SEC and is available on the SEC’s website at
http://www.sec.gov. Copies of the final prospectus relating to this
offering may be obtained from Newbridge Securities Corporation,
Attn: Equity Syndicate Department, 1200 North Federal Highway,
Suite 400, Boca Raton, FL 33432, email:
syndicate@newbridgesecurities.com, telephone: (877) 447-9625.
This press release does not constitute an offer to sell, or
the solicitation of an offer to buy, the shares of common stock or
warrants, nor will there be any sale of the shares of common stock
or warrants in any state or other jurisdiction in which such offer,
solicitation or sale is not permitted.
About ENDRA Life Sciences Inc.
ENDRA Life Sciences is the pioneer of Thermo Acoustic Enhanced
UltraSound (TAEUS®), a ground-breaking technology being developed
to visualize tissue like MRI, but at 1/50th the cost and at the
point of patient care. TAEUS® is designed to work in concert with
the more than 700,000 ultrasound systems in use globally today.
TAEUS® is initially focused on the measurement of fat in the liver
as a means to assess and monitor Non-Alcoholic Fatty Liver Disease
(NAFLD) and Non-Alcoholic Steatohepatitis (NASH), chronic liver
conditions that affect over two billion people globally, and for
which there are no practical diagnostic tools. Beyond the liver,
ENDRA is exploring several other clinical applications of TAEUS®,
including visualization of tissue temperature during energy-based
surgical procedures. For more information, please visit
www.endrainc.com.
Forward-Looking Statements
All statements in this press release that are not based on
historical fact are “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements, which
are based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of terms such as “approximate,” “anticipate,” “attempt,” “believe,”
“could,” “estimate,” “expect,” “forecast,” “future,” “goal,”
“hope,” “intend,” “may,” “plan,” “possible,” “potential,”
“project,” “seek,” “should,” “will,” “would,” or other comparable
terms (including the negative of any of the foregoing), although
some forward-looking statements are expressed differently. Examples
of forward-looking statements for ENDRA include, among others:
statements regarding the intended use of proceeds from the
offering; estimates of the timing of future events and anticipated
results of our development efforts, including the timing of
submission for and receipt of required regulatory approvals and
product launches; statements relating to future financial position
and projected costs and revenue; expectations concerning ENDRA’s
business strategy; and statements regarding ENDRA’s ability to find
and maintain development partners. Forward-looking statements
involve inherent risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements as a result of various factors including, among others:
market and other general economic conditions, which may impact
whether we consummate the public offering; whether we will be able
to satisfy the conditions required to close any sale of securities
in the proposed offering; the fact our management will have broad
discretion in the use of the proceeds from any sale of the
securities in the proposed offering; the ability to raise
additional capital in order to continue as a going concern; the
ability to obtain regulatory approvals necessary to sell ENDRA
medical devices in certain markets in a timely manner, or at all;
the ability to develop a commercially feasible technology and its
dependence on third parties to design and manufacture its products;
the impact of COVID-19 on ENDRA’s business plans; the ability to
find and maintain development partners; market acceptance of
ENDRA’s technology and the amount and nature of competition in its
industry; ENDRA’s ability to protect its intellectual property; and
the other risks and uncertainties described in the Risk Factors and
Management’s Discussion and Analysis of Financial Condition and
Results of Operations sections of the Company’s most recent Annual
Report on Form 10-K and in subsequent Quarterly Reports on Form
10-Q filed with the Securities and Exchange Commission and the Risk
Factors sections of the preliminary prospectus describing the terms
of the proposed offering filed with the SEC. You should not rely
upon forward-looking statements as predictions of future events.
The forward-looking statements made in this press release speak
only as of the date of issuance, and ENDRA assumes no obligation to
update any such forward-looking statements to reflect actual
results or changes in expectations, except as otherwise required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230502006083/en/
Company Contact: Irina Pestrikova Senior Director,
Finance investors@endrainc.com www.endrainc.com
Investor Relations Contact: Yvonne Briggs LHA Investor
Relations (310) 691-7100 ybriggs@lhai.com
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