Viveve (NSDQ:VIVE) said today it closed a $32.4 million offering with funds slated to support continued research and development and commercialization of its products.
The Englewood, Colo.-based company said it sold a total of 11.5 million shares of stock at $3 per share, including shares sold during the full exercise of an underwriters option to purchase additional shares.
The total amount raised in the round was $32.4 million, after deducting underwriting discounts and commissions, Viveve said.
Net proceeds from the offering will support product commercialization, clinical research and development, for working capital and general corporate purposes, according to a press release.
Cowen acted as sole book-running manager for the offering, with Raymond James as lead manager and Ladenburg Thalmann and Maxim Group acting as co-managers, the company said.
Viveve’s flagship device is the Viveve System, which is designed as a non-surgical treatment for post-partum laxity of the vaginal introitus.
Last December, Viveve announced results from a sub-analysis of its Viveve 1 trial exploring the use of the Viveve system for treating vaginal introitus in women with sexual dysfunction, touting improvements on the Female Sexual Functions Index.