Cardima completes $20M private sale of stock

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Cardima, a medical device company focused on the treatment of atrial fibrillation, reported that it has completed the private sale of approximately 18.52 million shares of common stock to an accredited investor for $20 million.

In addition, the Fremont, Calif.-based company will issue warrants to purchase approximately 5.56 million shares of common stock at an exercise price of $1.25 per share to the same investor.

Cardima's Chairman Tony Shum said the firm intends to use the funds to execute its commercial plans to support further product adoption and to repay outstanding loans.