Biomerica Inc. (NASDAQ: BMRA) said it raised approximately $2.23 million through a restricted offering of 1,393,705 unregistered common shares priced at $1.60 each.
The Irvine, California-based company said the proceeds will be used to strengthen its balance sheet and support ongoing operations. Biomerica’s board of directors is also evaluating potential strategic opportunities, including acquisitions, mergers, joint ventures, and other combinations.
B. Riley Securities Inc. served as Biomerica’s exclusive financial advisor for the transaction. The company develops, manufactures, and markets diagnostic and therapeutic products for point-of-care and clinical laboratory use, focusing on gastrointestinal and inflammatory diseases.
The offering’s gross proceeds represent roughly 30.4% of Biomerica’s pro forma outstanding shares, which are estimated at approximately 4,588,968 common shares following the issuance.
