Biomagnetic Technologies, Inc.
This article was originally published in The Gray Sheet
Executive Summary
Plans to use approximately $9.2 mil. of the anticipated proceeds from its recently announced public offering ("The Gray Sheet" July 18, p. 10) to fund "further development of clinical applications and commercialization" of the Magnes magnetic source imaging system. The Magnes is approved for brain imaging indications such as presurgical mapping, location of tissue suspected of triggering epileptic seizures, and analysis of closed head-wound trauma. Of the $15.6 mil. the firm expects to net from the sale of 3 mil. units, an additional $1 mil. will be spent on capital equipment and $2.8 mil. on repayment of debt.