LOS ANGELES, Nov. 16 /PRNewswire-FirstCall/ — Cardo Medical, Inc. (OTC Bulletin Board: CDOM), an orthopedic medical device company based in Beverly Hills, California, announced today that it has completed the previously disclosed private placement transaction in which it successfully raised approximately $6.2 million in gross proceeds through the sale of common stock.
Cardo Medical, Inc. intends to use the proceeds for working capital, general corporate purposes and research and development, including the integration of its recent acquisitions and the release of its total knee system.
Andrew Brooks, M.D, Chairman and CEO of Cardo Medical stated, “We are pleased to have completed this placement, particularly with the strong quality of institutional investors who participated. We expect to achieve significant growth in 2010 powered by our recent acquisitions and the staged release of our Total Knee and Hip Systems over the coming quarters.”
Phillip Frost, M.D., former Chairman and founder of IVAX pharmaceuticals stated, “I continue to be impressed by Cardo Medical’s accomplishments during the last 12 months, and toward that end have increased my investment in the company through participation in this round to help accelerate the company’s growth trajectory. I am excited to help build a world class orthopedic medical device company.”
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE Amex: LTS), acted as the exclusive placement agent for this transaction.