Hyperfine announced that it priced an underwritten public offering worth approximately $17.5 million in proceeds.
Guildford, Connecticut-based Hyperfine’s offering includes 14 million shares of its Class A common stock priced at $1.25 per share. It is selling all shares in the offering.
Additionally, the company offered underwriters a 30-day option to purchase up to 2.1 million shares of Class A common stock. That equals 15% of the total number of shares in the offering, at the public offering price.
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Hyperfine expects the offering to close on or about today, Oct. 17, subject to customary closing conditions. Lake Street Capital Markets serves as sole book-runner for the offering.
The company plans to use the proceeds from the offering for working capital and general corporate purposes. Those include commercial, manufacturing and R&D activities.
Hyperfine develops Swoop, the world’s first FDA-cleared, portable, ultra-low-field, brain MRI system. It aims to leverage AI and machine learning to advance ultra-low-field portable MR brain imaging technology and improve patient care. The latest Swoop offering includes an entirely new portable MRI scanner powered by Optive AI software.
The new system delivers high-level image quality, functionality and usability. It features innovations engineered to deliver a high signal-to-noise ratio. When paired with OptiveAI, this helps achieve high-quality imaging with improved resolution, uniformity and faster acquisition times. The system also offers a user- and patient-centric design to accommodate a broad patient population.
Hyperfine announced first sales of Swoop powered by proprietary Optive AI to two leading northeastern U.S. following its July FDA clearance. The company also partnered with Nvidia on AI-powered neuroimaging earlier this year.
