NEW YORK – Lucid Diagnostics said Friday that it has raised about $16.1 million in a public offering of 14,375,000 common shares, and it will use the money to provide working capital and fund general corporate purposes.
The firm announced Wednesday that it had priced an offering of 12,500,000 common shares at $1.20 each and given the underwriters for the offering a 45-day option to buy an additional 1,875,000 shares at the offering price, less underwriting discounts and commissions. The offering was expected to close on Friday, and the firm said at the time that it expected to raise $15 million, excluding shares bought by the underwriters.
Canaccord Genuity was the bookrunner for the offering, with Maxim Group serving as co-manager.
Lucid, which is a subsidiary of PAVmed, also announced in March that it expected to raise about $15.3 million in a registered direct offering. The firm raised $22 million last year in a convertible debt refinancing.
The company reported late last year that it had published additional validation data for its EsoGuard molecular test for esophageal precancer. The test is used with the firm’s EsoCheck Cell Collection Device to screen for precancerous conditions of esophageal adenocarcinoma in patients with elevated cancer risk.