Following a strategic equity decision, Pulse Biosciences, Inc. (NASDAQ: PLSE) witnessed a significant surge in its stock price during the previous session, marking a 22.71% increase to reach $11.94.
Refining Its Financial Strategy
Pulse Biosciences (PLSE) disclosed that its Board of Directors has set a new record date for its previously announced rights offering available to all PLSE shareholders of record as of Friday, May 31, 2024 at a par value of $0.001 per share. This revision updates the initial record date from May 16, 2024.
The company plans to distribute non-transferable subscription rights to all holders of common stock as of the new record date, allowing the purchase of up to 6,000,000 units at a price per unit that will be the lesser of $10 or the volume-weighted average price of the common stock over the ten trading days leading up to and including the expiration date of the rights offering, now scheduled for Wednesday, June 26, 2024.
Participation in this rights offering is exclusive to those owning PLSE stock on May 31, 2024. Should the offering be fully subscribed, Pulse Biosciences anticipates gross proceeds of $60,000,000, minus related expenses.
Operational Milestones And Clinical Advancements
In operational news, Pulse Biosciences has reported the completion of the inaugural procedure using the CellFX nsPFA Percutaneous Electrode System within the United States. This milestone marks the first case in the company’s pilot program following the U.S. FDA’s clearance in March 2024 for the system’s use in ablating soft tissue during percutaneous and intraoperative surgical procedures.
The first U.S. patient underwent treatment for soft tissue ablation with the CellFX nsPFA system at the Thyroid and Parathyroid Center at Sarasota Memorial Hospital earlier this month.
The procedure, aimed at a large, symptomatic, benign thyroid, was performed under local lidocaine anesthesia, and the patient reported no pain during the delivery of nsPFA energy. The cell-specific mechanism of nsPFA ensures minimal collateral damage to acellular structures, enabling precise and safe treatment.
