Pulse Biosciences Raises $45 Million in Oversubscribed Rights Offering to Advance Nano-Pulse Stimulation Technology for Oncology Applications

VCBeat (WeChat ID: vcbeat) learned from foreign media that on December 7 local time, Pulse Biosciences (Nasdaq: PLSE), a publicly listed medical device company based in California, USA (hereinafter referred to as “Pulse”), announced that it had raised $45 million in an oversubscribed rights offering.

According to Pulse’s prospectus, the final subscription price has been set at $12.5658 per share, representing the volume-weighted average price of the company’s common stock over a five-trading-day period (including the expiration date).

Image source: Pulse Biosciences official website

As of 5:00 p.m. local time on December 6, 2018, Pulse had completed the oversubscription for 4,023,799 shares, exceeding the initially offered 3,581,148 shares. In accordance with the relevant procedures outlined in the prospectus, Pulse will allocate its available shares to each rights holder on a pro-rata basis based on the number of shares subscribed, with distribution scheduled to take place around December 14. Following the completion of the rights issue, the company’s stock price rose to $12.90, representing an increase of approximately 3.53%.

Pulse will receive total proceeds of $45 million from this offering. However, the results of the rights issue (including the allocation of shares to be issued in the rights issue) are still preliminary, and the final results may change before the expiration of the guaranteed delivery period.

Headquartered in Silicon Valley, California, USA, Pulse is a medical device company in its growth stage. The company went public on the NASDAQ Stock Exchange in the United States on May 27, 2016. Pulse’s technological foundation is built upon breakthroughs in nanosecond pulsed technology achieved by leading bioelectrics researchers at Old Dominion University and the University of Southern California.

Pulse is developing a proprietary Nano-Pulse Stimulation (NPS) technology. NPS is a non-thermal, drug-free energy-based technology that induces unique cellular responses by delivering ultra-short nanosecond (one-billionth of a second) electrical pulses, thereby affecting cell membranes and cellular structures.

In human studies, the cell-disrupting capability of NPS technology has been demonstrated to effectively eliminate target tissue cells. This process induces mild inflammatory responses and is associated with favorable healing outcomes. Currently, NPS has shown a strong safety profile in clinical trials for the treatment of benign (non-cancerous) lesions, with no adverse events reported. The technology is already being applied in dermatological treatments.

Furthermore, Pulse stated that data from NPS’s preclinical mouse studies demonstrate its potential in delivering novel oncology therapies, which may be used as a monotherapy or in combination with other treatments in the future.

Pulse, headquartered in Silicon Valley, California, is a medical device company in its growth stage. The company went public on the NASDAQ Stock Exchange in the United States on May 27, 2016, under the ticker symbol PLSE. Since its IPO, the company has raised approximately $80 million in total; details of its financing prior to the IPO have not been disclosed.