NORTHVALE, N.J.--(BUSINESS WIRE)--Ivivi Technologies, Inc. (AMEX:II), a leader in non-invasive, electrotherapeutic technologies, today announced that it has entered into a definitive purchase agreement with an institutional investor, The Pinnacle Fund, L.P., to raise $5.0 million of gross proceeds in a private placement of its common stock. In connection with the private placement, Ivivi will issue an aggregate of 1,000,000 shares of common stock at a price per share of $5.00. Net proceeds from the private placement, after the payment of expenses of approximately $125,000, are expected to be approximately $4,875,000. Proceeds from the transaction will be used to provide additional working capital and for general corporate purposes. The closing price of Ivivi’s common stock on the American Stock Exchange on the date of execution of the definitive purchase agreement was $4.80 per share.
