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DENVER - TriSalus Life Sciences, Inc. (NASDAQ:TLSI), an oncology-focused medical technology company with a current market capitalization of $184 million, has announced a private placement of common stock to raise approximately $22 million in gross proceeds. The Denver-based firm, which specializes in integrating delivery technology with standard-of-care therapies and its investigational immunotherapeutic nelitolimod for solid tumors, disclosed preliminary financial results for the first quarter of 2025, showing a 42% revenue increase driven by its TriNav® Infusion System. According to InvestingPro data, the company has maintained strong revenue growth, with a 59% increase over the last twelve months.
The private placement is spearheaded by Nantahala Capital and includes investments from Broadfin Holdings and other healthcare-focused institutional investors. Canaccord Genuity is the sole placement agent for the transaction, which is expected to close around May 2, 2025, subject to customary closing conditions. The company plans to use the net proceeds for working capital and general corporate purposes. InvestingPro analysis indicates the company is quickly burning through cash, making this funding crucial for operations. Analysts maintain a bullish outlook, with price targets ranging from $10 to $16 per share.
In a strategic move to streamline its capital structure, TriSalus has also committed to launching an exchange offer for its outstanding Series A Convertible Preferred Stock. This initiative is designed to convert preferred shares into common stock at a fixed value, with the exchange offer anticipated to commence by the end of the second quarter of 2025. The company operates with a moderate level of debt, maintaining a total debt to capital ratio of 11%. Get deeper insights into TriSalus’s financial health and access comprehensive analysis through the Pro Research Report, available exclusively on InvestingPro.
The preliminary financial results released are unaudited and subject to revision, with the company cautioning that actual results may materially differ following the completion of quarter-end closing procedures. Despite an impressive gross profit margin of 86%, TriSalus’s PEDD technology aims to deliver therapeutics more effectively to tumors while reducing exposure to normal tissue, potentially improving patient outcomes.
The company’s investigational immunotherapeutic candidate, nelitolimod, targets TLR9, which is expressed across various cancer types. TriSalus is in the final stages of completing data for phase 1 clinical trials and is exploring partnership opportunities for development.
TriSalus’s actions, including the private placement and the proposed exchange offer, are not public offerings and are subject to registration or exemption requirements. The company will file relevant documents with the U.S. Securities and Exchange Commission, including a registration statement on Form S-4, and encourages investors to review these materials when available for important information about the company and the exchange offer.
This article is based on a press release statement from TriSalus Life Sciences and does not constitute an offer to sell or a solicitation of an offer to buy any securities.
In other recent news, TriSalus Life Sciences reported a significant 44% increase in revenue for the fourth quarter of 2024, reaching $8.3 million. This growth contributed to a full-year revenue of $29.4 million, marking a 59% increase from the previous year. Despite ongoing operating losses, these were reduced to $7.6 million from $14.2 million in the fourth quarter of 2023, indicating improved operational efficiency. The company also announced the resignation of board member George Kelly Martin, with no disagreements cited as the reason for his departure. TriSalus plans to launch its TriNav 2.0 device in the first half of 2025, with expectations of achieving positive EBITDA by mid-year. The company secured an additional $10 million from the OrbiMed debt facility to support its growth initiatives. Analysts from Canaccord Genuity have noted the potential for increased market access following the recent issuance of a new Medicare mapping code. TriSalus is actively seeking strategic partnerships to advance its nelotolimod program, with final data from a Phase 1 trial in pancreatic cancer expected by mid-2025.
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