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Obalon Therapeutics raises $16.6M via common stock, warrants offering

Obalon Therapeutics Inc. raised $16.6 million from an underwritten public offering of common shares and purchase warrants, which it will use to transition to company-owned or managed Obalon-branded retail centers and for general corporate purposes.

The San Diego-based healthcare equipment company closed the offering of 2,015,000 of its common shares along with purchase warrants to buy 1,511,250 shares. The offering also included 1,735,000 pre-funded warrants, each of which can be exercised to buy one common share of the company, in addition to warrants to purchase 1,301,250 common shares.

The underwritten public offering also covered 412,500 common shares and 421,875 purchase warrants for an overallotment option.

Obalon, which develops and commercializes medical devices, including a swallowable, gas-filled balloon system to treat obesity, sold its common shares and the accompanying purchase warrants as a unit for $4 apiece. The pre-funded warrants and accompanying purchase warrants were sold at a combined rate of $3.999 each. These purchase warrants have an exercise price of $4.40 per share. They are immediately exercisable and expire five years from the date of issuance.

A.G.P./Alliance Global Partners acted as sole book-running manager for the offering.