ENDRA Life Sciences Announces Pricing of Upsized $4.5 Million Public Offering
April 28 2023 - 8:00AM
Business Wire
ENDRA Life Sciences Inc. (Nasdaq: NDRA) (“ENDRA” or the
“Company”), a pioneer of Thermo Acoustic Enhanced UltraSound
(TAEUS®), announced today that it has priced an underwritten public
offering of 3,750,000 shares of its common stock and warrants to
purchase 1,875,000 shares of its common stock. The warrants are
being sold at the rate of one warrant for every two shares of
common stock and will be 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 is $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 $3.9 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 Company has granted the underwriter a 30-day
option to purchase additional shares of common stock and warrants
to purchase shares of its common stock sold in the offering solely
to cover over-allotments.
The warrants will not be listed on any securities exchange or
other nationally recognized trading system. The offering is
expected to close on May 2, 2023. 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 is acting as sole underwriter
of the offering.
The common stock and warrants to purchase common stock described
above were offered by ENDRA pursuant to a registration statement
(File No. 333-271003) previously filed with and subsequently
declared effective by the Securities and Exchange Commission (the
“SEC”). A preliminary prospectus supplement relating to the
offering has been filed with the SEC and is available on the SEC's
website at http://www.sec.gov. A final prospectus supplement
describing the terms of the offering will filed with the SEC.
Copies of the final prospectus supplement, and accompanying base
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 expected closing of the public offering
and 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/20230428005247/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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