MIAMI--(BUSINESS WIRE)--SafeStitch Medical, Inc. (OTCBB:SFES) today announced that it has completed its previously announced issuance of four million shares of the Company's 10% Series A Cumulative Convertible Preferred Stock, par value $0.01, at a price of $1.00 per share. The shares were issued pursuant to two stock purchase agreements with private investors entered into in July 2009. The Company closed on the sale of two million shares on July 22, 2009 for aggregate proceeds of $2.0 million, and closed on the sale of the remaining two million shares on January 12, 2010 for aggregate proceeds of an additional $2.0 million. Shares issued pursuant to the agreements, including the shares of the Company’s common stock into which the preferred shares may be converted, are restricted securities, and no registration rights have been granted.
