CardioDynamics completes $7.2 million private placement through EVEREN Securities Inc.SAN DIEGO--(BUSINESS WIRE)--March 10, 1997--CardioDynamics International Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CRDY) Monday announced the completion of a $7.2 million private placement of 2.5 million shares of common stock. The private placement was made to institutional and accredited investors. EVEREN Securities acted as the placement agent for the company. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). for the offering will be used to fund the company's research and development efforts, marketing programs, capital expenditures and working capital. With the completion of the private placement, the total number of outstanding shares of CardioDynamics common stock is approximately 31.9 million. Richard E. Otto, president and chief executive officer of CardioDynamics, stated: "We are extremely pleased with the institutional support of the private placement and we believe this support acknowledges the strength of CardioDynamics' product offering. "The financing provides the company with the required capital to execute CardioDynamics' plan to expand our research and development efforts and market the BioZ System, a noninvasive digital heart monitoring device which provides real-time data Real-time data denotes information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Some uses of this term confuse it with the term dynamic data. on a wide range of hemodynamic he·mo·dy·nam·ics n. (used with a sing. verb) The study of the forces involved in the circulation of blood. he parameters." The company further announced that it has signed distributor agreements with 12 specialty distributors, each covering different regions of the United States. Along with these agreements, the company received more than $1.0 million in initial orders for the BioZ hemodynamic monitoring hemodynamic monitoring Clinical medicine A general term for the ongoing evaluation of hemodynamics systems. CardioDynamics International develops and markets proprietary, state-of-the-art, noninvasive hemodynamic monitoring equipment for hospital and clinical use. CONTACT: CardioDynamics International Corp., San Diego Richard E. Otto, 800/778-4825 or Lippert/Heishorn & Associates Inc. (investor relations Investor relations The process by which the corporation communicates with its investors. ) Keith Lippert/Evan D. Smith, 212/838-3777 |
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