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SafeStitch Medical Completes $8.3 Million Raise
Posted February 21, 2012
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MIAMI --(BUSINESS WIRE)-- SafeStitch Medical, Inc. (OTCBB:SFES) today announced that it has closed on the issuance of approximately 21 million shares of the Company's Common Stock, par value $0.001, at a price of $0.40 per share. The shares were issued on February 17, 2012 pursuant to a stock purchase agreement with approximately 35 private investors for aggregate proceeds of approximately $8.3 million. Shares issued pursuant to the stock purchase agreement are restricted securities, and no registration rights have been granted.
"We appreciate the confidence investors have shown in SafeStitch," said Jeffrey Spragens, SafeStitch's President and CEO. Mr. Spragens added that "this infusion of capital is to support the launch of the improved AMID Stapler® for Lichtenstein hernia repairs and to advance the development of proprietary, trans-orally delivered gastroplasty devices for the treatment of obesity and gastro-esophageal reflux disease to clinical trials."
Among the investors purchasing shares pursuant to the agreement were Frost Gamma Investments Trust, an entity controlled by Dr. Phillip Frost, the largest beneficial owner of the Company's common stock, Dr. Jane Hsiao, the Company's Chairman of the Board, Jeffrey Spragens, the Company's President and Chief Executive Officer and Kwang Shun Company Limited, a Taiwan-based investment company. For more information, see the Company's Current Report on Form 8-K to be filed with the Securities and Exchange Commission.
About SafeStitch Medical, Inc.
Miami, Florida-based SafeStitch Medical, Inc. is a publicly traded medical device company focused on developing innovative surgical devices with minimally invasive and endoscopic procedures to deliver durable outcome for hernia repair, treatment of obesity and other gastroespophageal disorders. Information about the Company may be found on its website at: www.safestitch.com.
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