SeaStar Medical raises $4.4 million in registered direct offering

DENVER - SeaStar Medical Holding Corporation (NASDAQ:ICU), a micro-cap healthcare company with a market capitalization of $12.2 million, announced Thursday it has entered into a definitive agreement to raise approximately $4.4 million through a registered direct offering priced at-the-market under Nasdaq rules. According to InvestingPro data, the company’s stock has experienced significant volatility, falling over 90% in the past year.

The commercial-stage healthcare company will issue and sell 4,960,544 shares of common stock at a purchase price of $0.887 per share. In a concurrent private placement, SeaStar will also issue unregistered warrants to purchase up to 4,960,544 shares of common stock with an exercise price of $0.762 per share. InvestingPro analysis indicates the company maintains a favorable cash-to-debt position, though its overall financial health score remains weak.

The warrants will be exercisable immediately upon issuance and will expire five years following the effective date of the resale registration statement registering the underlying shares.

H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering, which is expected to close on or about August 1, subject to customary closing conditions.

SeaStar Medical intends to use the net proceeds for general corporate purposes, including additions to working capital and capital expenditures. This capital raise comes as analysts forecast revenue growth of 7.46% for fiscal year 2025, according to InvestingPro, which offers comprehensive financial analysis and 13 additional key insights about the company through its Pro Research Reports.

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. 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. With current revenue of just $0.43 million in the last twelve months, the company trades at a premium valuation multiple relative to its peers.

The shares in the registered direct offering are being offered pursuant to a shelf registration statement previously filed with the SEC, while the unregistered warrants are being issued in a transaction not involving a public offering under Section 4(a)(2) of the Securities Act.

This information is based on a press release statement from the company.

In other recent news, SeaStar Medical Holding Corporation announced preliminary results from its SAVE Surveillance Registry, showing a 75% 28-day survival rate among the first 20 pediatric patients treated with its QUELIMMUNE therapy for acute kidney injury (AKI) and sepsis. The therapy, which has received FDA approval under a Humanitarian Device Exemption, is now being used by a nationally-recognized Texas-based children’s hospital, which has joined the registry to record safety outcomes and other metrics. Additionally, SeaStar Medical has raised approximately $4 million through a registered direct offering of common stock and a concurrent private placement of warrants. Shareholders recently approved all proposals at the company’s annual meeting, including the election of Eric Schlorff and Kenneth Van Heel as Class III directors. The company also announced it has regained compliance with Nasdaq’s minimum stockholders’ equity requirement of $2.5 million, resolving a previously disclosed listing matter. These developments reflect SeaStar Medical’s ongoing efforts to advance its commercial and clinical activities.

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