Spectral Medical Inc. raised $1 million through convertible notes to support Phase III trial

From GlobeNewswire: 2024-07-22 08:00:00

Spectral Medical Inc. has closed an additional offering of 9% convertible notes, raising $1 million. The notes were sold to a large shareholder exercising pre-emptive rights. CEO Chris Seto is excited about the investment phase and strong balance sheet. The funds will primarily support the company’s Phase III trial for PMX treatment of septic shock. PMX is a hemoperfusion device removing endotoxin from the bloodstream with FDA clearance. The Tigris trial aims to evaluate PMX effectiveness in septic shock treatment, targeting 150 patients. Spectral is seeking FDA approval for PMX in the U.S. and Canada, with Breakthrough Device Designation granted in the U.S.



Read more at GlobeNewswire: Spectral Medical Inc. Announces Closing of Additional US$1