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Obalon Therapeutics prices $3M common stock offering

San Diego-based Obalon Therapeutics Inc. plans to raise about $3 million from a registered direct offering of common stock.

The company entered into definitive agreements with investors to sell 5 million common shares priced at 60 cents apiece.

The medical-device company, which is focused on weight loss technologies, plans to use the net proceeds for general corporate purposes, working capital, product development, capital expenditures and for other business opportunities.

The offering is expected to close by May 28.

Obalon Therapeutics retained Alliance Global Partners as a financial adviser in connection with the offering.