PEACHTREE CORNERS, Ga.--(BUSINESS WIRE)--Guided Therapeutics, Inc. (OTCQB: GTHP), the maker of a rapid and painless testing platform based on its patented biophotonic technology, announced today that it has thus far raised a total of US $1.1 million under the terms of a Series F Preferred Stock Offering. The private placement offering targeted at least U.S. $1 million and the financing can continue to raise additional funds until closing this tranche, forecast for later this month.
As specified by terms of the investment, proceeds from the Series F Financing were to make the final payment of $750,000 due to GPB Holdings, LLC and to conduct the Company sponsored U.S. FDA clinical trial this year for its flagship product the LuViva Advanced Cervical Scan. The final payment was made to GPB on January 9, 2021, which satisfied the security lien on the Company’s assets and removed over $5 million in liabilities from the Company’s balance sheet. Completing enrollment in the FDA study this year is the Company’s most critical milestone and funds from the Series F Financing, cash on hand and revenues from existing purchase orders will be used to complete enrollment in the FDA study.
The Series F Preferred shares are convertible at a fixed price of 25 cents per share, carry a 6% annual dividend and could potentially include an additional dividend of 15% after twelve months if the Company is unable to uplist to a national exchange or complete its FDA study. The dividends can be paid in cash or common shares at the option of the Company. Aspen Capital acted as Financial Advisor to the Company with respect to the private placement.
“In 2020 we identified making the final payment to GPB and completing the FDA study as necessary to the existence and significant growth of our Company. We are extremely pleased that we have been able to raise sufficient funds for these purposes, pending the final closing of the Series F financing,” said Gene Cartwright, Guided Therapeutics CEO. “Since we have reached agreement with the FDA regarding the study protocol, we are now engaged with clinical study centers that will enroll their patients in our study and are actively building clinical trial devices. It is now full speed ahead with the study.”
About Guided Therapeutics
Guided Therapeutics, Inc. (OTCQB: GTHP) is the maker of a rapid and painless testing platform based on its patented biophotonic technology that utilizes light for the early detection of disease at the cellular level. The Company’s first product is the LuViva® Advanced Cervical Scan, a non-invasive device used to detect cervical disease instantly and at the point of care. In a multi-center clinical trial with women at risk for cervical disease, the technology was able to detect cervical cancer up to two years earlier than conventional modalities, according to published reports. For more information, visit: www.guidedinc.com.