NORCROSS, GA – Guided Therapeutics has raised $5.4 million in a stock offering.
The Norcross-based medical technology company (OTC BB and OTC QB: GTHP) develops obiophotonic technology that utilizes light to detect disease at the cellular level.
Guided Therapeutics issued 8,268,964 shares, according to an S-1 filing with the Securities & Exchange Commission.
“We will not receive any cash proceeds from the sale of shares by the selling stockholders, but to the extent that the warrants are exercised in whole or in part, we will receive payment for the exercise price,” the company said in the filing.
Guided Therapeutics is commercializing the LuViva Advanced Cervical Scan and Cervical Guide single-patient-use disposable.
LuViva scans the cervix with light to identify cancer and pre-cancer painlessly and non-invasively. The technology is able to distinguish between normal and diseased tissue by detecting biochemical and morphological changes at the cellular level. Unlike Pap or HPV tests, LuViva does not require laboratory analysis or a tissue sample. LuViva is currently under pre-market approval review by the Food and Drug Administration.
Guided Therapeutics has been awarded more than $6 million in six consecutive grants from the National Cancer Institute to develop the new test for detecting cervical disease since 2001.