OctoPlus receives further $1.1M from Biolex
Dutch drug delivery specialist OctoPlus NV has received an additional 750,000 euros ($1.1 million) from its co-development partner USA-based Biolex Therapeutics as part of a recently-announced bridge financing, expanding the total to 6.75 million euros.
The other participants in the funding deal are OctoPlus' major shareholders Life Sciences Partners and SR One. The loan may be converted by each of the lenders for a participation in a potential private offering, or alternatively, in ordinary shares, which will have a dilutive effect. If and when the loan is converted into ordinary shares, these will be issued at the higher rate of 1 euro each or a 45% discount to the 10-day average of the then prevailing stock price.
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