SafeStitch Medical, Inc. (OTC:SFES) has announced that it has sold four million shares of its 10% Series A Cumulative Convertible Preferred Stock for $1.00 per share. The shares were issued due to the company’s agreements with private investors made on July 2009. The company also closed on a sale of two million shares worth $2.0 million on July 22, 2009. The sale of the two million shares closed on January 12, 2010. Pursuant to the agreements, the company’s common stock may be converted. For more information, contact Dr. Stewart Davis at 305.575.4145.
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SafeStitch Medical, Inc., formerly Cellular Technical Services Company, Inc., is a developmental-stage medical device company focused on the development of medical devices that manipulate tissues for obesity, gastroesophageal reflux disease (GERD), hernia formation, esophageal obstructions, Barrett’s Esophagus, upper gastrointestinal bleeding, and other intraperitoneal abnormalities through endoscopic and minimally invasive surgery. Dilators are used when an endoscopy demonstrates the narrowing of the esophagus. Narrowing may be treated by medication for GERD medication or by using a dilator to expand the esophagus. The Company’s Gastroplasty Device consists of a set of instruments designed to perform incision-less, endoscopic surgery by introduction through the mouth and esophagus. The Company is developing the Amid Hernia Stapler.
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