Vycor Medical, Inc. (OTCPK:VYCO) announced a best efforts basis private placement of 1,666,667 units at $1.80 per share for gross proceeds of up to $3,000,000 on January 2, 2014. Each unit consists of one common share, a series A warrant, and a series B warrant. Each warrant entitles the holder to purchase half a share of common stock of the company. The series A warrant will have an exercise price of $2.05 per share and the series B warrant will have an exercise price of $3.08 per share for a period of three years from issuance. The company has the provision to increase the size of the transaction by up to an additional $2,000,000. The securities will be issued pursuant to exemption provided under Regulation D. The minimum investment accepted from any outside investor is $7,500. The transaction is expected to close on January 25, 2014, unless extended with the mutual consent of both the company and investors for two additional 30 day periods. Robert Diener of the Law Offices of Robert Diener will act as the legal advisor to the company. The company has engaged a placement agent in connection with transaction. Ellenoff Grossman & Schole LLP will act as the legal advisor to the placement agent. The agent will receive a cash placement fee equal to 8% of the gross proceeds subject to reduction to 2.5% of the proceeds received by any investor referred to by the company. The agent will also receive an advisory fee equal to 1% of the gross proceeds, a non-accountable administrative fee equal to 1% of the proceeds, and warrants to purchase that number of shares equal to 15% of the shares sold in the placement, subject to reduction to 2.5% of the shares sold in the transaction to the company's investors. The agent warrants are exercisable until the three year anniversary of the date of the closing of the transaction and have an exercise price of $2.05 per share. In addition to the fees, the company has agreed to reimburse the agent for its due diligence expenses of $10,000 and its legal fees of $30,000. Ellenoff Grossman & Schole LLP will receive a flat fee of $30,000 and the company shall not be responsible for any other fees or expenses of this advisor.

On the same day, the company issued 709,389 units for gross proceeds of $1,276,900 from 23 non-accredited investors in its first tranche close. The company paid the agent a banking fee equal to $20,000. The company has also paid $10,000 to Ellenoff Grossman & Schole LLP. Garden State Securities, Inc acted as placement agent to the company and received $127,690 as sales commission in the tranche.

On January 31, 2013, the company announced that it has issued 991,222 units for gross proceeds of $1,784,200 in the second tranche. The company has received a total of $3,061,100 from 49 investors. The company expects to receive a total of $5,000,000 in the transaction. Garden State Securities, Inc. has received $296,360 as sales commission.

As of April 2, 2014, the company has issued 560,578 units for gross proceeds of $1,009,040 in the third tranche. The company has received a total of $4,070,140 in the transaction from 67 investors. Garden State Securities, Inc. has received $391,489 as sales commission.