Advanced Photonix Completes Private Offering

Advanced Photonix Inc., a Camarillo maker of photodetector devices that convert light into electronic signals, said it has completed a $4.5-million private offering of common stock.

The company plans to use the proceeds to retire debt and for working capital. The so-called private placement was managed by the investment firm D. H. Blair & Co.

The offering consisted of 45 units priced at $100,000 apiece. Each unit consists of 33,334 shares of Advanced Photonix stock and 33,334 warrants that entitle the holders to buy additional shares under certain conditions.