Outset Medical (OM) said Monday it signed a securities purchase agreement for a placement of 843,908 shares of its series A non-voting convertible preferred stock at $200 per share, for expected gross proceeds of $168.8 million.
Each share of the preferred stock will convert to 250 shares of common stock for a total of about 211 million shares, the company said. An additional $3.9 million will be invested by some members of its board and management, the company said.
Outset also said it has signed a credit agreement with a fund managed by Perceptive Advisors, which will provide a $100 million five-year term loan and an additional term loan of up to $25 million at the company's election.
Outset also reported unaudited revenue for Q4 of $29 million.
Analysts polled by FactSet expected $27.9 million.
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