North American Scientific closes $15.5M private placement of common stock
North American Scientific (NAS) on Jan. 18 closed a private placement of shares of its common stock and the concurrent issuance of warrants for the purchase of common stock at a value of approximately $15.5 million.

The gross proceeds from the financing will be used for continued development of ClearPath, the company’s breast brachytherapy device, as well as working capital, said the Chatsworth, Calif.-based NAS.

Three Arch Partners led the private placement with a $10 million investment, CHL Medical Partners invested $3 million and SF Capital Partners invested $2.5 million, said the company. Oppenheimer & Co. acted as the sole placement agent for the transaction.

NAS said the private placement increased its stockholders’ equity from $753,000, as reported in the company’s quarterly report for the quarter, which ended July 31, 2007. The proforma stockholders’ equity exceeds the $2.5 million minimum stockholders’ equity requirement for listing on the Nasdaq Capital Market, according to the company.

NAS said investors have been issued 63,008,140 shares of the company’s common stock, as well as warrants to purchase 3,150,407 shares of common stock, which are exercisable beginning 180 days after the date of closing until seven years after the date of closing.