PAVmed Inc. entered into a purchase agreement on Jan. 26. to offer and sell up to $3 million worth of securities at $6 per unit.

Each unit offered comprises 1 share of PAVmed's series A convertible preferred stock, which is convertible to 1 share of the company's common stock, and 1 series A warrant, which is exercisable for 1 share of PAVmed common stock.

Each series A warrant is also exchangeable for 4 series X warrants, while the shares of the series A preferred stock and series A warrants are immediately separable upon their issuance, the company said in an SEC filing.

As of Jan. 31, PAVmed has sold 251,334 units for proceeds of about $1.5 million.