CytoDyn Completes Non-dilutive $15 Million Convert
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Posted On: 03/31/2020 6:16:34 AM
CytoDyn Completes Non-dilutive $15 Million Convertible Note Financing with Conversion Rate at $4.50 Per Share without Warrants
Download as PDFMarch 31, 2020 6:15am EDT
VANCOUVER, Washington, March 31, 2020 (GLOBE NEWSWIRE) -- CytoDyn Inc. (OTC.QB: CYDY), (“CytoDyn” or the “Company"
, a late-stage biotechnology company developing leronlimab (PRO 140), a CCR5 antagonist with the potential for multiple therapeutic indications, announced today that it completed a new non-dilutive convertible debt offering with an institutional investor, which provides $15 million of immediately available capital. The note, has a two-year maturity, bears interest at the rate of 10% per annum and is secured by all assets of the Company, excluding its intellectual property. During the first six months following the issue date, the investor may convert principal into common stock up to 1 million shares per month after which all or any part of the outstanding balance of the note is convertible into common stock.
Craig S. Eastwood, Chief Financial Officer of CytoDyn, stated, “We are pleased to close on this round of funding as we begin our journey towards commercialization. Non-dilutive capital of this nature gives us the momentum we need to forge ahead with our therapeutic indications and provides a foundation to bring leronlimab to market, which is targeted for the fourth quarter of 2020.”
Download as PDFMarch 31, 2020 6:15am EDT
VANCOUVER, Washington, March 31, 2020 (GLOBE NEWSWIRE) -- CytoDyn Inc. (OTC.QB: CYDY), (“CytoDyn” or the “Company"
, a late-stage biotechnology company developing leronlimab (PRO 140), a CCR5 antagonist with the potential for multiple therapeutic indications, announced today that it completed a new non-dilutive convertible debt offering with an institutional investor, which provides $15 million of immediately available capital. The note, has a two-year maturity, bears interest at the rate of 10% per annum and is secured by all assets of the Company, excluding its intellectual property. During the first six months following the issue date, the investor may convert principal into common stock up to 1 million shares per month after which all or any part of the outstanding balance of the note is convertible into common stock. Craig S. Eastwood, Chief Financial Officer of CytoDyn, stated, “We are pleased to close on this round of funding as we begin our journey towards commercialization. Non-dilutive capital of this nature gives us the momentum we need to forge ahead with our therapeutic indications and provides a foundation to bring leronlimab to market, which is targeted for the fourth quarter of 2020.”
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