SUNNYVALE, Calif., Aug. 18 -- Eclipse Surgical Technologies Inc., a medical device company specializing in transmyocardial revascularization, has received a $20-million commitment in common stock equity financing from Acqua Wellington North American Equities Fund Ltd. The investment will be distributed over the next 15 months and is subject to change depending on Eclipse's stock price. Eclipse will control when and how much stock is sold.
Eclipse is in a strong leadership position in the emerging TMR market, said Alan L. Kaganov, CEO of Eclipse Surgical. This facility provides the flexibility to raise capital over the next 15 months, thereby keeping Eclipse well capitalized to achieve our operating goals, said Kaganov.