Microbix Biosystems has announced that it has completed a Canadian $500,000 Principal amount 8% convertible debenture, in a non-arms length transaction with an existing shareholder.
Microbix Biosystems has announced that it has completed a Canadian $500,000 Principal amount 8% convertible debenture, in a non-arms length transaction with an existing shareholder.
The principal of the debenture is convertible into common shares at $0.90 per share for eight years.
Proceeds will be used for working capital.
William J.Gastle, President and Chief Executive Officer said "Now that ThromboClear has been partnered, as announced last month, we are concentrating on the next products in our pipeline.
"These working capital funds will be used to advance products already in development, to expand new development activities and to explore in-licensing other products and technologies for the core business." Microbix specializes in developing and manufacturing cell culture-derived biologics for an emerging world market of biotherapeutic drugs and vaccines.
It makes reagents for building diagnostic products and tools used in biotechnology research.
The Company has expertise in advanced culture, purification, process scale-up and validation technologies.
Its objective during the next decade is to become significantly involved in the expected multi-billion dollar generic biotherapeutics market in North America.
