SeaStar Medical raises $4 million in at-market offering

DENVER - SeaStar Medical Holding Corporation (NASDAQ:ICU), a micro-cap healthcare company with a market capitalization of $11.3 million, announced Thursday it has entered into a definitive agreement to raise approximately $4 million through a registered direct offering of common stock and concurrent private placement of warrants. According to InvestingPro analysis, the company currently trades below its Fair Value, despite showing a significant 29% return over the past week.

The commercial-stage healthcare company will issue 5,242,464 shares of common stock at $0.763 per share in an at-market offering under Nasdaq rules. Additionally, in a private placement, the company will issue unregistered warrants to purchase up to 5,242,464 shares of common stock with an exercise price of $0.638 per share.

H.C. Wainwright & Co. is serving as the exclusive placement agent for the transaction, which is expected to close on July 10, 2025.

SeaStar Medical intends to use the proceeds for general corporate purposes, including working capital and capital expenditures, 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 acute kidney injury due to sepsis. The company is currently conducting a pivotal trial of its Selective Cytopheretic Device therapy in adult patients with acute kidney injury requiring continuous renal replacement therapy.

The common stock offering is being made pursuant to a shelf registration statement filed with the SEC in December 2023, while the warrants are being issued in a transaction not involving a public offering under Section 4(a)(2) of the Securities Act.

In other recent news, SeaStar Medical Holding Corporation has announced several key developments. The company reported that shareholders approved various proposals at its annual meeting, including the election of directors and amendments to its equity incentive plan. Additionally, SeaStar Medical has regained compliance with Nasdaq’s minimum stockholders’ equity requirement of $2.5 million, following a series of financial transactions and operational improvements. These measures included a $4 million public offering of common stock and warrants and an agreement with Lincoln Park Capital for potential stock purchases. The company is also focused on the commercialization of QUELIMMUNE, its FDA-approved therapy for pediatric acute kidney injury (AKI) and sepsis, and is conducting a pivotal trial of its Selective Cytopheretic Device therapy for adults. Furthermore, SeaStar Medical announced the pricing of a public offering at $0.65 per share, expected to raise approximately $4 million in gross proceeds. The offering includes Series A and Series B warrants, with H.C. Wainwright & Co. serving as the exclusive placement agent. Proceeds from this offering are intended for general corporate purposes.

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