CAS Medical pulls in $15M from PIPE
CAS Medical Systems Inc. has wielded a PIPE (private investment in a public entity) worth $15 million to help get the Branford, Conn., company back in good standing with the Nasdaq.
The company closed the private placement of Series A convertible stock and non-voting exchangeable preferred stock with Thomas, McNerney & Partners. CAS Medical said in a release that it would use the new funds for ongoing operations and to help grow the business for its Fore-Sight Absolute Tissue Oximeter business and its Traditional Monitoring Products segment. In addition, the new funds should help CAS Medical (Nasdaq: CASM) rise back above the Nasdaq Global Market listing requirement of a minimum of $10 million in stockholders’ equity.