Cambridge Heart, Inc. (CAMH) Completes First Close in Private Placement
1/18/2012 6:44:44 AM
TEWKSBURY, Mass.--(BUSINESS WIRE)--Cambridge Heart, Inc. (OTCBB: CAMH), a developer of non-invasive diagnostic tests for cardiac disease, today announced that on January 17, 2012 it completed an initial closing of a private placement to new and current institutional and individual accredited investors. The private placement is structured as a sale of senior secured promissory notes that are convertible into shares of the Company’s common stock at a conversion price of $0.11 per share together with four-year warrants to purchase shares of common stock at an exercise price of $0.15 per share. The number of warrant shares issued to each investor is equal to the principal amount of the note divided by the conversion price of $0.11. The notes will mature eighteen months from the date of issuance.