Michael Barbella, Managing Editor03.08.21
A stock sale has infused Guided Therapeutics Inc. with more than $1 million.
The maker of a rapid and painless testing platform based on its patented biophotonic technology plans to use the funds to finance its upcoming U.S. Food and Drug Administration (FDA) clinical trial.
“In 2020 we identified making the final payment to GPB and completing the FDA study as necessary to the existence and significant growth of our company. We are extremely pleased that we have been able to raise sufficient funds for these purposes,” said Gene Cartwright, Guided Therapeutics CEO. “Since we have reached agreement with the FDA regarding the study protocol, we are now engaged with clinical study centers that will enroll their patients in our study and are actively building clinical trial devices. It is now full speed ahead with the study.”
Guided Theraputics conducted Series F Preferred Stock Offering last month. As specified by terms of the investment, proceeds from the Series F Financing were to make the final payment of $750,000 due to GPB Holdings LLC and to conduct the company-sponsored FDA clinical trial this year for its flagship product the LuViva Advanced Cervical Scan. The final payment was made to GPB on Jan. 9, which satisfied the security lien on the company’s assets and removed over $5 million in liabilities from the Guided Therapeutics' balance sheet. Completing enrollment in the FDA study this year is the company’s most critical milestone and funds from the Series F Financing, cash on hand and revenues from existing purchase orders will be used to complete enrollment in the FDA study.
The Series F Preferred shares are convertible at a fixed price of 25 cents per share, carry a 6 percent annual dividend and could potentially include an additional dividend of 15 percent after 12 months if Guided Therapeutics is unable to uplist to a national exchange or complete its FDA study. The dividends can be paid in cash or common shares at the option of the company. Aspen Capital acted as Financial Advisor to Guided Therapeutics with respect to the private placement.
The maker of a rapid and painless testing platform based on its patented biophotonic technology plans to use the funds to finance its upcoming U.S. Food and Drug Administration (FDA) clinical trial.
“In 2020 we identified making the final payment to GPB and completing the FDA study as necessary to the existence and significant growth of our company. We are extremely pleased that we have been able to raise sufficient funds for these purposes,” said Gene Cartwright, Guided Therapeutics CEO. “Since we have reached agreement with the FDA regarding the study protocol, we are now engaged with clinical study centers that will enroll their patients in our study and are actively building clinical trial devices. It is now full speed ahead with the study.”
Guided Theraputics conducted Series F Preferred Stock Offering last month. As specified by terms of the investment, proceeds from the Series F Financing were to make the final payment of $750,000 due to GPB Holdings LLC and to conduct the company-sponsored FDA clinical trial this year for its flagship product the LuViva Advanced Cervical Scan. The final payment was made to GPB on Jan. 9, which satisfied the security lien on the company’s assets and removed over $5 million in liabilities from the Guided Therapeutics' balance sheet. Completing enrollment in the FDA study this year is the company’s most critical milestone and funds from the Series F Financing, cash on hand and revenues from existing purchase orders will be used to complete enrollment in the FDA study.
The Series F Preferred shares are convertible at a fixed price of 25 cents per share, carry a 6 percent annual dividend and could potentially include an additional dividend of 15 percent after 12 months if Guided Therapeutics is unable to uplist to a national exchange or complete its FDA study. The dividends can be paid in cash or common shares at the option of the company. Aspen Capital acted as Financial Advisor to Guided Therapeutics with respect to the private placement.
