Cambridge Heart takes in $2.9M

Cambridge Heart takes in $2.9M

Cambridge Heart Inc. has raised $2.9 million in a private placement, the company reported in a press release today

The Tewksbury-based developer of diagnostic heart tests for cardiac disease, said the deal consisted half of shares of common stock and half of warrants to purchase stock at a future date.

“The proceeds from this transaction will provide the capital necessary to fund operations as we execute on the next phase of commercialization for our MTWA module and continue clinical work related to the application of MTWA to identify patients with ischemia,” Cambridge Heart President and CEO Ali Haghighi-Mood said in a statement.

The company sold 14.5 million units at a price of 20 cents per unit – each unit included one share and one warrant to purchase a share of common stock for 25 cents for a period of five years from the date of issuance. Exercise of the warrants would provide an additional $3.6 million in capital.

Cambridge Heart plans to file a registration statement covering the resale of the common stock and the warrants before January 31, 2011.

Cambridge Heart (OTCBB: CAMH.OB) saw its stock close at 19 cents on Monday, Dec. 20.

The company reported a loss of $1.1 million for the third quarter of 2010 and had cash on hand of $1.6 million on Sept. 30, 2010.

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