NEWS!!! CytoDyn Completes Non-dilutive $28.5 Mi
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Posted On: 07/29/2020 6:57:56 PM
NEWS!!!
CytoDyn Completes Non-dilutive $28.5 Million Convertible Note Financing with Conversion Rate at $10.00 Per Share without Warrants
VANCOUVER, Washington, July 29, 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 it completed a new non-dilutive convertible debt offering with an institutional investor, which provides $25 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. The note may be converted at the option of the investor into shares of the Company’s common stock at a conversion price of $10.00 per share.
Nader Pourhassan, Ph.D., President and Chief Executive Officer of CytoDyn, stated, “We are very pleased with the continued support and tremendous confidence demonstrated by this institution’s fourth financing round with us. They clearly understand the opportunity before us and we now have the liquidity to accelerate our business plan without tapping into the increased share authorization recently approved by our stockholders. This injection of capital will help us deliver leronlimab to patients as soon as the regulatory pathway is clear for potentially COVID-19 (for three different populations), Cancer (23 different indications), and HIV (combination, monotherapy, HIV cure and PrEP). I am very excited to share with all of our stakeholders the excitement we have around our COVID-19 therapies during tomorrow’s conference call, as well as our expected timelines.”
CytoDyn Completes Non-dilutive $28.5 Million Convertible Note Financing with Conversion Rate at $10.00 Per Share without Warrants
VANCOUVER, Washington, July 29, 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 it completed a new non-dilutive convertible debt offering with an institutional investor, which provides $25 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. The note may be converted at the option of the investor into shares of the Company’s common stock at a conversion price of $10.00 per share. Nader Pourhassan, Ph.D., President and Chief Executive Officer of CytoDyn, stated, “We are very pleased with the continued support and tremendous confidence demonstrated by this institution’s fourth financing round with us. They clearly understand the opportunity before us and we now have the liquidity to accelerate our business plan without tapping into the increased share authorization recently approved by our stockholders. This injection of capital will help us deliver leronlimab to patients as soon as the regulatory pathway is clear for potentially COVID-19 (for three different populations), Cancer (23 different indications), and HIV (combination, monotherapy, HIV cure and PrEP). I am very excited to share with all of our stakeholders the excitement we have around our COVID-19 therapies during tomorrow’s conference call, as well as our expected timelines.”
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My comments are just my opinions and should NOT be taken as investment advice.