January 11, 2010 (FinancialWire) — Solta Medical, Inc. (NASDAQ: SLTM) said that it has obtained commitments from accredited institutional investors to purchase approximately $17.2 million of its common stock and warrants in a private placement.

The financing was led by existing investor Longitude Capital and new investor Great Point Partners along with participation from other existing investors.

Solta has entered into a securities purchase agreement with the investors pursuant to which Solta will sell an aggregate of 8,259,704 shares of its common stock and warrants to purchase up to 4,264,852 additional shares of common stock. Each unit, consisting of one share of common stock and a warrant to purchase one-half of a share of common stock, will be sold for a purchase price of $2.02, equal to the closing price of the common stock as reported on the NASDAQ Global Market on January 6, 2010. The private placement is subject to customary closing conditions and is expected to close within a week’s time.

The company plans to use proceeds from the private placement for general corporate and working capital purposes, as well as to opportunistically pursue strategic initiatives.

The warrants will be exercisable at an exercise price equal to $2.121, which represents a 5% premium over the closing price of the common stock as reported on the NASDAQ Global Market on January 6, 2010. The warrants are exercisable commencing on the six-month anniversary of the closing and will expire five and a half years from the date of issuance.

California-based Solta offers products to address aging skin under the Thermage and Fraxel brands. Thermage is a radiofrequency procedure for tightening and contouring skin, wile Fraxel delivers minimally invasive clinical solutions to resurface aging and sun damaged skin.

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