LED Medical Diagnostics has named David Gane, DDS, former vice president of dental imaging for Carestream Dental, as the company's new CEO.
LED's current CEO, Peter Whitehead, company founder and president, will voluntarily transition to concentrate on research, development, special projects, and business opportunities.
Dr. Gane has extensive experience in dentistry and the dental imaging industry. Since 1988, he has served in executive capacities with companies such as Source One Dental Imaging, Image FX Software Solutions, and DICOM Imaging Systems.
In financial news, LED is undertaking a private placement of up to 15 million units at an issue price of $0.35 Canadian per unit for gross proceeds of up to $5.25 million. Each unit is comprised of one common share and one common share purchase warrant with each warrant entitling the holder to acquire one common share at an exercise price of $0.50 U.S. for a period of 24 months. The placement is subject to TSX Venture Exchange approval.
The proceeds will be used by LED to build out the firm's internal sales team, support product development, and investigate additional opportunities in the dental market, as well as for working capital purposes.
The company also granted 1.7 million incentive stock options to company employees. Each stock option is exercisable to acquire one common share of the company at $0.40 Canadian per share; the options have terms ranging from 32 months to 10 years.
