NEW YORK – Lucid Diagnostics announced on Tuesday that it has entered into subscription agreements with certain investors for a registered direct offering that is expected to raise approximately $15.3 million in gross proceeds.
The firm will sell 13,939,331 shares of its common stock at a purchase price of $1.10 per share, and the offering is expected to close on March 5.
Canaccord Genuity is acting as the sole placement agent for the offering.
Lucid said in a statement that it intends to use the net proceeds from the offering for working capital and other general corporate purposes.
The firm, which is a subsidiary of PAVmed, raised $22 million last year in a convertible debt refinancing that was intended to extend its cash runway beyond anticipated near-term reimbursement milestones.
Lucid currently offers its EsoGuard test for esophageal precancer and its associated EsoCheck Cell Collection Device. The test uses PCR and next-generation sequencing to determine the methylation status of multiple sites in the vimentin and cyclin A1 genes, which can indicate esophageal precancer.