Autonomix Medical completes USD 8L transaction for cardiology tech rights

Autonomix Medical, Inc. announced that it has regained exclusive worldwide rights to its technology for cardiology field use from Impulse Medical, Inc.

In December 2021, Autonomix granted Impulse Medical, Inc., a license to its technology for use in the field of cardiology. In July 2023, the Company entered into a termination agreement for the license agreement in exchange for the issuance, upon the closing of its initial public offering, of a warrant to purchase the number of shares of common stock based upon a fixed value of $8 million divided by the price per share in the offering. At the offering price of $5.00, the number of shares underlying the warrant is 1,600,000 shares of common stock at an exercise price of $0.001 per share. The shares underlying the warrant will be subject to a lockup agreement for a period of six months after the closing of this offering with respect to 12.5% of the shares and twelve months after the closing of this offering for the remainder of the shares.

“We have made significant progress over the course of the past year. With the recent closing of our IPO and listing onto Nasdaq as well as the progress we’ve made on the preclinical development front, we continue to build momentum. Regaining the cardiology rights to our innovative technology broadens our development opportunities and provides further optionality related to our development strategy moving forward. Looking ahead, we remain focused on our pancreatic cancer pain development program and are on track to commence our first-in-human clinical study this quarter,” commented Lori Bisson, Chief Executive Officer of Autonomix.

The Company’s catheter-based sensing technology is being developed to do two things: sense neural signals associated with pain or disease and precisely target those nerves for treatment. Autonomix believes this technology is a better alternative to the current approaches commonly used today, where doctors either rely on systemic drugs like opioids that lose effectiveness and have unwanted side effects or treat suspected areas blindly in hopes of hitting the right nerves, an approach that is often inaccurate and can miss the target and even cause collateral damage to surrounding parts of the body.
MB Bureau