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DENVER - SeaStar Medical Holding Corporation (NASDAQ:ICU) announced Friday the pricing of a public offering of 6,153,847 shares of common stock at $0.65 per share, expected to generate approximately $4 million in gross proceeds before deducting fees and expenses. According to InvestingPro data, the company currently maintains a strong balance sheet with more cash than debt, though its overall financial health score remains weak at 1.25 out of 5.
The offering, which is expected to close on or about Monday, also includes accompanying Series A warrants with a five-year term and Series B short-term warrants with an 18-month term, both with an exercise price of $0.65 per share. If the Series B warrants are fully exercised, the company could receive additional gross proceeds of approximately $4 million. InvestingPro analysis shows the stock has experienced significant volatility, with a 52-week range of $0.95 to $13.85, and currently trades at $0.50.
H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering, which was made pursuant to a registration statement declared effective by the Securities and Exchange Commission on Friday.
SeaStar Medical intends to use the net proceeds for general corporate purposes, according to the press release statement.
The company focuses on treatments for critically ill patients facing organ failure. Its first commercial product, QUELIMMUNE, received FDA approval in 2024 for pediatric patients with acute kidney injury due to sepsis. SeaStar is currently conducting a pivotal trial of its Selective Cytopheretic Device therapy in adult patients with acute kidney injury requiring continuous renal replacement therapy, a condition that affects over 200,000 adults annually in the United States.
The FDA has granted Breakthrough Device Designation to the company’s Selective Cytopheretic Device therapy for six therapeutic indications.
In other recent news, SeaStar Medical Holding Corporation reported a significant increase in revenue for the first quarter of 2025, reaching $293,000, a fourfold rise from the previous quarter. The company also reduced its net loss to $3.7 million, compared to $12.7 million in the same period last year. Additionally, SeaStar Medical announced that the U.S. Centers for Medicare & Medicaid Services (CMS) will cover certain expenses for Medicare and Medicaid patients participating in the NEUTRALIZE-CRS clinical trial, supported by a $3.6 million National Institutes of Health (NIH) grant. The U.S. Department of Defense awarded a $2 million grant to the AREVA Research Institute for a study involving SeaStar Medical’s Selective Cytopheretic Device (SCD) therapy. Furthermore, SeaStar Medical’s SCD therapy has received Breakthrough Device Designation from the FDA for multiple indications, which may facilitate faster approval processes. The company is preparing for potential commercialization, engaging a third-party reimbursement policy expert to support their case for CMS and private payer coverage following FDA approval. Analysts from firms such as Maxim Group have shown interest in SeaStar Medical’s ongoing clinical trials and regulatory progress.
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