The company exercised its right to redeem the warrants, effective Aug. 3. Holders had the option to exercise the warrants or have them redeemed by the company. More than 98 percent of the callable warrants were exercised.
“The exercise of these warrants is a ‘win-win’ for the company and our investors, as it strengthens our balance sheet and provides a nice return for the holders,” said Parker H. Petit, chairman and CEO. “The company intends to use the proceeds for general operating needs, including additional clinical trials, as well as the addition of some key direct sales force hires. These hires will also help expedite our strategy to expand our direct sales representatives and move toward a blended sales force.”
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