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AMBS-Amarantus BioSciences Secures $1.1 Million in Financing
MAJOR NEWS RELEASED NEAR END OF BELL!
Wed Nov 14, 1:53PM CST
SUNNYVALE, Calif. , Nov. 14, 2012 /PRNewswire/ -- Amarantus BioSciences, Inc. (OTCQB: AMBS), a biotechnology company developing new treatments and diagnostics for Parkinson's disease and Traumatic Brain Injury centered on its proprietary anti-apoptosis therapeutic protein MANF, today announced it has secured over $1.1 million in funding through two separate transactions. Proceeds will be used to provide funding for the Company's lead asset, Mesencephalic-Astrocyte-derived Neurotrophic Factor ("MANF"), reconcile certain of Amarantus' outstanding payables, and for general working capital.
"Amarantus is at a pivotal stage in our corporate development, and these transactions provide us with capital to advance our research collaborations, continue our efforts to progress MANF into clinical trials, as well as strengthen the Company's balance sheet, making the Company more attractive to the investment community," said Gerald E. Commissiong , President and CEO of Amarantus. "Interim data for MANF showed promising results in behavioural animal models of Parkinson's disease, and we expect final data to be available in December. With this financing, the Company can make more substantial progress with our product candidates, allowing management to market the MANF opportunity to potential partners as well as look at creative financing structures to ensure MANF and NuroPro's further development. We remain focused on moving our Parkinson's assets towards clinical trials to explore the potential benefits for patients, and we will also begin to explore additional applications for the MANF technology which may address larger markets, and/or address smaller orphan drug markets that have more rapid paths to commercialization."
Amarantus issued a Convertible Promissory Note to an undisclosed institutional investor (the "Investor") in the principal amount of $600,000 . The Note bears interest at the rate of ten percent (10%) per annum until paid in full and can convert into shares of the Company's common stock at a price of $0.10 per share, subject to certain provisions. The note is not convertible into common shares for 6 months, and the Company has the option to pay the note in cash at its discretion at any time. Monies will be paid to Amarantus under the note in four separate tranches of $150,000 over a 6 week period, subject to certain milestones. The Investor agreed to "no shorting" provisions.
Amarantus entered into an unrelated equity financing arrangement with a separate long-only institutional fund (the "Fund") that assists public companies in financing operations and expansion. The Company settled over $500,000 in accounts payable, which the fund had acquired from various creditors of the Company, in exchange for shares of common stock. The transaction substantially reduced the Company's liabilities, including a portion of its outstanding accounts payable balance. The Fund agreed to "no shorting" provisions.
MAJOR NEWS RELEASED NEAR END OF BELL!
Wed Nov 14, 1:53PM CST
SUNNYVALE, Calif. , Nov. 14, 2012 /PRNewswire/ -- Amarantus BioSciences, Inc. (OTCQB: AMBS), a biotechnology company developing new treatments and diagnostics for Parkinson's disease and Traumatic Brain Injury centered on its proprietary anti-apoptosis therapeutic protein MANF, today announced it has secured over $1.1 million in funding through two separate transactions. Proceeds will be used to provide funding for the Company's lead asset, Mesencephalic-Astrocyte-derived Neurotrophic Factor ("MANF"), reconcile certain of Amarantus' outstanding payables, and for general working capital.
"Amarantus is at a pivotal stage in our corporate development, and these transactions provide us with capital to advance our research collaborations, continue our efforts to progress MANF into clinical trials, as well as strengthen the Company's balance sheet, making the Company more attractive to the investment community," said Gerald E. Commissiong , President and CEO of Amarantus. "Interim data for MANF showed promising results in behavioural animal models of Parkinson's disease, and we expect final data to be available in December. With this financing, the Company can make more substantial progress with our product candidates, allowing management to market the MANF opportunity to potential partners as well as look at creative financing structures to ensure MANF and NuroPro's further development. We remain focused on moving our Parkinson's assets towards clinical trials to explore the potential benefits for patients, and we will also begin to explore additional applications for the MANF technology which may address larger markets, and/or address smaller orphan drug markets that have more rapid paths to commercialization."
Amarantus issued a Convertible Promissory Note to an undisclosed institutional investor (the "Investor") in the principal amount of $600,000 . The Note bears interest at the rate of ten percent (10%) per annum until paid in full and can convert into shares of the Company's common stock at a price of $0.10 per share, subject to certain provisions. The note is not convertible into common shares for 6 months, and the Company has the option to pay the note in cash at its discretion at any time. Monies will be paid to Amarantus under the note in four separate tranches of $150,000 over a 6 week period, subject to certain milestones. The Investor agreed to "no shorting" provisions.
Amarantus entered into an unrelated equity financing arrangement with a separate long-only institutional fund (the "Fund") that assists public companies in financing operations and expansion. The Company settled over $500,000 in accounts payable, which the fund had acquired from various creditors of the Company, in exchange for shares of common stock. The transaction substantially reduced the Company's liabilities, including a portion of its outstanding accounts payable balance. The Fund agreed to "no shorting" provisions.
