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NewCardio Completes $2.9 Million Private Placement

September 21, 2009, 2009 (FinancialWire) — NewCardio, Inc., (OTCBB: NWCI) said it has closed a private placement financing with institutional and other accredited investors, including members of NewCardio’s management team and board of directors, who purchased over half of the offering. The company saw gross proceeds of around $2.9 million.

Under the deal, NewCardio issued around 2,900 shares of a new series C convertible preferred stock at $1,000 per share and convertible into around 2.9 million common shares, together with around 2.9 million common stock purchase warrants having an exercise price per share of $1.20.

Santa Clara, California-based NewCardio is a cardiac diagnostic and services company focused on the development of a proprietary platform technology. The company’s development-stage software and hardware products and services are intended to improve the diagnosis and monitoring of cardiovascular disease, as well as cardiac safety assessment of drugs under development.

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