Cardima out of woods with $4.5m private placement:
This article was originally published in Clinica
Executive Summary
A private placement grossing $4.5m in proceeds has set Cardima en route to redeeming itself from a potential Nasdaq delisting. The money will enable the Fremont, California company to raise its stockholder's equity in excess of the minimum $2.5m required to remain trading on the US stock exchange. Cardima received a delisting warning from Nasdaq last month (see Clinica No 1134, p 12) and will be submitting its plans to regain and maintain compliance to Nasdaq's other listing requirements.