Spacedev Inc. closed the sale of $2.5 million of securities to Laurus Master Fund Ltd., the company announced Nov. 2. The proceeds from the sale will provide working capital, including funding transaction and other costs associated with Spacedev’s acquisition of Starsys Research Corp.

Laurus purchased 2 million shares of Spacedev common stock at $1.23 per share. Spacedev also issued a five-year warrant to Laurus for the purchase of 450,000 shares of common stock at an exercise price of $1.93.

Spacedev announced Oct. 26 it would acquire Starsys for $9 million in cash and stock, as well as paying off $4.6 million of Starsys debt and forgiving a $1.2 million loan to Starsys. Spacedev also will contribute at least $2.5 million to Starsys’ working capital through the end of 2006.