Summary by Futu AI
SeaStar Medical, a commercial stage medical technology company, reported its financial performance and business developments in its latest quarterly report. The company has not generated significant revenue from commercialized products as of June 30, 2024, but it has made strides in its business development. SeaStar Medical received FDA approval for its pediatric Selective Cytopheretic Device (SCD) under a Humanitarian Device Exemption in February 2024 and made its first commercial sale in July 2024. The company also entered into a securities purchase agreement on July 10, 2024, for a registered direct offering and concurrent private placement, expecting to raise approximately $10.0 million before expenses. Additionally, SeaStar Medical is involved in a class action lawsuit alleging misstatements regarding FDA approval of product candidates, which the company intends to defend...Show More