Endonovo Therapeutics Inc. has signed an agreement with Azure Capital to sell up to $10 million of its common stock.
The Woodland Hills biotechnology company, which develops electrical medical therapies, will sell the shares over the next 36 months. Under terms of the agreement, Endonovo will control the timing and amount of any sales. Neither Azure nor any of its agents can engage in short-selling or hedging of the Endonovo stock.
Proceeds from the sales will be used for general corporate purposes, including working capital. Azure, based in San Francisco, is a venture capital firm.
“We are excited about this partnership with Azure Capital and the opportunity of potential future access to capital at attractive terms,” Alan Collier, chief executive of Endonovo, said in a statement. “It provides the company greater flexibility and access to additional funding, allowing the company to strengthen its financial position as it is gaining critical momentum in its commercialization programs.”
The company announced the sales Thursday. Shares of Endonovo (ENDV) closed Friday at 1.95 cents on the over-the-counter market.