ROSH PINNA, Israel– –IR-Med, an innovative development stage medical device company that utilizes Infra-Red light spectroscopy (IR) combined with Artificial Intelligence (AI) technologies, announced that it has entered into a Subscription Agreements with certain investors for the sale of 3,636,364 shares at a per share price of $0.88 and warrants to purchase up to an additional 3,636,364 shares of common stock at a per share exercise price of $1.10. The Company received aggregate gross proceeds of $3,200,000.
The Company intends to use the proceeds for general corporate purposes and to advance the development of its product candidates.
“This financial commitment from our investors who include existing shareholders further strengthens our balance sheet and provides for additional future funding” remarked Dr. Rom Eliaz, the Company’s CEO.
The securities may not be offered or sold in the United States absent registration or pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. The Company has agreed to file a registration statement covering the resale of the shares of common stock acquired by the investors and shares of common stock issuable upon exercise of the warrants acquired by the investors.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state. Any offering of the securities under the resale registration statement will only be by means of a prospectus.
