Full Press Release Details
MedTech Inc. Announces Closing of $10,000,000 Private Placement of
FORT WORTH, TX / ACCESSWIRE / October 16, 2019
/ Sanara MedTech Inc. (OTCQB: SMTI). Based in Fort Worth,
Texas, Sanara MedTech Inc. ("Sanara"), a provider of surgical and
chronic wound care products dedicated to improving patient
outcomes, announced today that it has closed a private placement
offering of 1,204,820 shares of its common stock at a price
per share. All shares are being sold by Sanara as newly issued
shares. The purchasers in the offering consist of related party
entities to three members of Sanara's Board of Directors. The
transaction was approved by all of the disinterested Directors of
Sanara. The price per share was determined by a special committee
of the Board comprised of disinterested Directors who considered an
independent third-party valuation of the offering price and other
relevant information.
million of cash proceeds of the offering are expected to be used to
fund milestone payments under current and future product license
agreements, repayment of indebtedness under Sanara's bank line of
credit, and operating expenditures, including clinical studies and
continued expansion of Sanara's sales force.
shares of common stock sold in the transaction have not been
registered under the Securities Act of 1933 and may not be offered
or sold in the United States absent registration or an applicable
exemption from registration requirements.
MedTech Inc. markets and distributes wound and skincare products to
physicians, hospitals, clinics, and all post-acute care settings.
Its products are primarily sold in the North American advanced
wound care and surgical tissue repair markets.
about Forward-Looking Statements
statements in the press release that relate to the Company's
expectations with regard to the future impact on the Company's
results from new products in development and any other statements
not constituting historical facts are "forward-looking statements,"
within the meaning of and subject to the safe harbor created by the
Private Securities Litigation Reform Act of 1995. Since this
information may contain statements that involve risk and
uncertainties and are subject to change at any time, the Company's
actual results may differ materially from expected results. This
document may contain forward-looking statements concerning the
Company's operations, current and future performance and financial
condition. These items involve risks, contingencies and
uncertainties such as product demand, market and customer
acceptance, the effect of economic conditions, competition,
pricing, the ability to consummate and integrate acquisitions, and
other risks, contingencies and uncertainties detailed in the
Company's SEC filings, which could cause the Company's actual
operating results, performance or business plans or prospects
differ materially from those expressed in, or implied by these
statements. The Company undertakes no obligation to revise any of
these statements to reflect the future circumstances or the
occurrence of unanticipated events.
Nichols, Director of Investor Relations 713-826-0524
SOURCE: Sanara MedTech