AIT Therapeutics Inc. entered a common stock purchase agreement with Lincoln Park Capital LLC for the sale of up to $20 million worth of company shares over three years.

Under the agreement, the Harrison, N.Y.-based company may also elect to sell up to $526,500 worth of common shares to Lincoln Park at $4.50 per share before filing a registration statement for the shares.

AIT Therapeutics will have the right, under a registration rights agreement, at its sole discretion to sell to Lincoln Park the balance of up to $20 million worth of shares over a 36-month period.

The medical device-maker, which paid Lincoln $500,000 as a cash commitment for the agreement, will control the timing of any future investment, and the Chicago-based investment firm will be obligated to make purchases in accordance with the agreements.

AIT Therapeutics may sell its shares initially for $4.50 per share, but there is no price limit to the share price and it which will be based on the prevailing market prices of the shares.

The proceeds from the share sale will be used to fund the development of its device, which uses inhaled nitric oxide to treat respiratory conditions, AIT Therapeutics said in an Aug. 13 news release.