Cyberkinetics Announces $11.4 Million Private Financing.FOXBOROUGH, Mass. -- Cyberkinetics Neurotechnology Systems, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CYKN) (the "Company") announced today that it has sold approximately $11.4 million of privately placed newly issued shares of common stock and warrants for the purchase of additional shares of common stock to institutional and accredited investors Accredited Investor A term used by the Securities and Exchange Commission (SEC) under Regulation D to refer to investors who are financially sophisticated and have a reduced need for the protection provided by certain government filings. Also known as "qualified purchaser". . The Company issued an aggregate of approximately 9.5 million shares of common stock at a price of $1.20 per share, together with a common stock purchase warrant to purchase up to approximately 4.8 million additional shares of common stock at an exercise price of $1.60 per share. The Company also issued shares of its common stock to Hunter World Markets, Inc. of Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , California for services rendered in connection with leading the financing; Rodman rod·man n. One who carries and employs a leveling rod under the supervision of a surveyor. and Renshaw, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Seven Hills Partners, LLC were also issued warrants for services rendered in connection with the transaction. The proceeds of the transaction are expected to support the launch of the NeuroPort(TM) System and continued clinical studies of the BrainGate(TM) System, as well as for general corporate purposes. The shares of common stock and warrants sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. without a registration with the Securities and Exchange Commission (SEC) or an applicable exemption from the registration requirements. The Company has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issued in the private placement and the shares of common stock issued upon exercise of the warrants. This press release shall not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. |
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