Obalon Strengthens Balance Sheet By Raising Additional Capital And Reducing Debt
OBALON THERAPEUTICS (OBLN)
Last obalon therapeutics earnings: 11/8 07:15 am
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Source: GlobeNewswire
SAN DIEGO, July 10, 2019 (GLOBE NEWSWIRE) -- Obalon Therapeutics, Inc. (NASDAQ:OBLN), a vertically integrated medical technology company with the first and only FDA-approved swallowable, gas-filled intragastric balloon system for the treatment of obesity, announces that it has reduced its outstanding debt under a facility with Pacific Western Bank from $20 million to $5 million. The reduction in debt is expected to lower the Company’s annual interest expense burden from approximately $1.4 million to approximately $350,000. Throughout the second quarter of 2019, Obalon raised approximately $8.8 million in gross proceeds through a series of financings including a registered direct equity offering with A.G.P./Alliance Global Partners acting as our financial advisor, the sale of common stock through its equity line of credit with Lincoln Park Capital and an at-the-market (ATM) equity offering through Canaccord Genuity acting as sales agent. “We are pleased to have been able to uti
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