SANTA CLARA, Calif., December 27, 2022 (GLOBE NEWSWIRE) — Minerva Surgical, Inc. UTRS (Minerva Surgical or the Company), a women’s healthcare company focused on the treatment of abnormal uterine bleeding (AUB), announced today that it has entered into a stock purchase agreement for the sale of 146,627,565 shares (subject to an adjustment for an eventual stock split ). prior to closing) of its common shares in a private placement led by Accelmed with participation from New Enterprise Associates at an offer price of $0.2046 per share (subject to adjustment for a stock split prior to closing). Following the Offering, Accelmed will become the majority shareholder of Minerva Surgical.

Gross proceeds from the private placement are expected to be approximately $30 million before deducting placement agent fees and other expenses payable by Minerva Surgical. Piper Sandler is acting as sole placing agent for the private placement. The private placement is expected to close in the first quarter of 2023, subject to the satisfaction of customary closing conditions and the approval of the private placement by Minerva Surgical shareholders. Closing is conditional on the Company’s Board of Directors consisting of a majority of AccelMed-nominated directors.

Minerva Surgical intends to use the net proceeds from the proposed private placement, along with existing cash and cash equivalents, to support operations, research and development activities, working capital and other general corporate purposes. With the proceeds of the private placement, Minerva Surgical expects to extend its cash runway for at least the next 12 months.

“We are extremely proud to have the support of these investors and look forward to welcoming Accelmed in advancing our mission,” said David M. Clapper, Chief Executive Officer of Minerva Surgical. “This investment gives us the liquidity to embark on a new growth chapter and continue to serve the needs of women with…