Benzinga | Aug 24, 2020 09:03AM EDT

ENDRA Life Sciences To Receive $5M From Early Warrant Exercises

ANN ARBOR, MI / ACCESSWIRE / August 24, 2020 / ENDRA Life Sciences Inc. ("ENDRA") (NASDAQ:NDRA), the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS(r)), today announced certain shareholders have confirmed the early exercise of approximately 7.1 million common stock warrants since July 1, 2020 for which ENDRA accepted reduced exercise prices. Gross proceeds are expected to total approximately $5 million.

"The exercise of warrants by some of our largest and most loyal shareholders provides a strong vote of confidence in our progress this year, including the receipt of CE Mark approval in Europe and the submission of the 510(k) Premarket Notification submission to the U.S. Food and Drug Administration for our proprietary TAEUS FLIP system," said Francois Michelon, Chairman and Chief Executive Officer. "More importantly, the proceeds should extend our cash runway through key business inflection points, including establishing evaluation reference sites and initial sales in Europe, as well as the potential receipt of FDA clearance to begin commercialization in the U.S. this year."