- Capital Raised: $250,000
- Structure: Convertible Note
- Offering Price/Share: $1.00
- Shares Offered: 250,000
- Current Shares Out: 2,800,000
- Post Offering Valuation: $3,050,000
- Post Offering Shares Out: 3,050,000
Canal 33, Inc. was formed to create a broad platform of innovative medical devices addressing chronic spinal pain conditions through the acquisition of leading-edge technology portfolios and related underlying intellectual property. We are initially focused on acquiring technologies related to minimal invasive vertebral augmentation and chronic pain relief in the spinal cord.
Briefing
We are raising a bridge round of financing up to $1,000,000 in the form of a convertible promissory note, bearing 10% annual interest (the “Note”) which will enable us to secure the right to acquire medical device technologies described in the LOI (the “Asset Purchase”), commence the process of 510k review of the prototype technologies and for working capital. We intend to commence a Series A round in January, 2022, raising up to $2 million to close the asset purchase, complete the 510k review process, commercialize one of our catheter devices and for working capital. If the maximum offering is achieved, we believe the net proceeds will be sufficient to sustain operations through 2022.
Our focus is to establish our platform technology in the marketplace which will enable us with strategic flexibility to pursue further development paths and/or licensing as well as M&A opportunities.
We believe our business has the characteristics desirable for a strategic acquisition: proprietary, game-changing technology that can unlock tremendous value to a buyer that has marketing infrastructure, regulatory capabilities and physician relationships. In addition, based on progress in our business plan and market conditions, we may also consider an initial public offering, as a strategy to maximize shareholder value.