CVR Medical announces $5M financing

Photo of author

By CPE News

Vancouver (pcJ News Briefs) – CVR Medical Corp. (TSX-V: CVM; FSE: B3BN; OTCQB: CRRVF) intends to complete an institutionally led non-brokered private placement financing of up to 11,111,112 units at a price of $0.45 per unit for gross proceeds of up to $5,000,000.

Each unit will be comprised of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will be exercisable to acquire one common share of CVR Medical at a price of $0.70 per share for a period of eighteen months following the closing of the financing.

Echelon Wealth Partners will act as finder for the financing.

Net proceeds will be used for R&D, tertiary clinical trials, pivotal clinical trials, preparation for FDA submission, and operations relating to the joint venture described below. This includes the current clinical trials being lead by Dr. David J. Whellan at Thomas Jefferson University.

CVR Medical is a company that is involved in an equal parts joint venture (JV) with CVR Global Inc. The JV is focused on the commercialization of a proprietary subsonic, infrasonic, and low frequency sound wave analysis technology and has patents to a diagnostic device designed to detect and measure carotid arterial stenosis.

photo credit: CVR Medical Corp.