Pure Bioscience, Inc. (OTCQB: PURE), an El Cajon, California-based creator of patented non-toxic silver dihydrogen citrate (SDC) antimicrobial, closed on an approximately $1.5m private placement with existing shareholders.
The $1.5m the company raised includes cancelled indebtedness held by the company’s director, Tom Y. Lee, of approximately $504k. 3,333,964 shares of common stock were issued at $0.45 per share.
Proceeds of the financing will be used for general working capital purposes.
Pure also announced the retirement of Chairman David J. Pfanzelter, who joined the company in 2013 as part of its focus on food safety and committed to serve for five years.
Led by Hank R. Lambert, CEO, Pure is focused on developing and commercializing proprietary antimicrobial products primarily in the food safety arena — providing solutions to the health and environmental challenges of pathogen and hygienic control. The technology platform is based on patented stabilized ionic silver, and initial products contain silver dihydrogen citrate, or SDC, a broad-spectrum, non-toxic antimicrobial agent.