An undisclosed number of Texas physicians are taking part in a $1.2 million equity investment in ambulatory surgery center developer SurgiCare, the Houston-based company says.
The money will provide working capital for the struggling firm, which had just $98,135 cash on hand as of Sept. 30, according to its most recent financial report.
SurgiCare also says it is "in the final phases" of a deal with a "long-term capital partner" that will allow the company to expand, according to a SurgiCare statement.
Company officials did not respond to a request for comment.
According to the statement, the investment group, which includes "existing physician shareholders, local Houston physicians and select Houston individuals," bought common stock at 35 cents per share. They also received a warrant for every two shares of stock purchased, exercisable for one year at 35 cents each.
SurgiCare closed at 40 cents Wednesday on the American Stock Exchange. No shares had changed hands Thursday as of 1:30 p.m. CST.