Arbios completes $4.9M private placement

Massachusetts, USA-based biomedical device and cell therapy developer Arbios Systems says it has completed a private placement, generating gross proceeds of $4.87 million. The firm explained that, in total, it had sold 7,478,462 units for $1.30 per unit, with each consisting of two shares, one 2.5 year warrant to purchase stock for $1.0 and a five-year warrant to buy stock at $1.40.

Walter Ogier, president of the firm, said: "we anticipate that these funds will enable us to move forward aggressively with our plans for product registration of our Sepet device [a novel blood purification therapy] in Europe. He added that the proceeds would also be used to fund a trial of Sepet and to support future registration in the USA.