Shares of cardiovascular disease tests provider Cardio Diagnostics (NASDAQ:CDIO) are trending higher today after the company announced a securities purchase agreement with a fund managed by Yorkville Advisors for gross proceeds of about $11.2 million.
Under the agreement, CDIO is issuing convertible debentures to Yorkville and plans to use the capital raised to drive the adoption of its PrecisionCHD and Epi+Gen CHD tests as well as seeking payor coverage.
Despite recent weakness, shares of the company have surged nearly 159% over the past month on a slew of developments. Last week, the company received a notice of allowance for a patent application in China and also launched the PrecisionCHD test for coronary heart disease.
Investor interest in the stock remains high with an average trading volume of 2.96 million shares over the last ten days. At the same time, the enterprise value to market capitalization multiple of the stock remains depressed at 0.92.
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