Financing agreement negotiated with investor Centurion Private Equity
By Devika Patel
Knoxville, Tenn., Oct. 13 - Amarantus BioSciences, Inc. said it settled a $10 million equity funding facility with Centurion Private Equity, LLC.
The three-year deal will be conducted in tranches of up to $750,000.
"This equity funding facility provided by Centurion Private Equity is one of the most flexible financing tools available to public biotechnology companies seeking to raise capital," Amarantus' board of directors special advisor, Samuel Herschkowitz, said in a press release.
"Centurion's financings will provide the company with strategic capital to fund its development programs while maintaining working capital flexibility in various fundraising market conditions. We believe this facility will likely attract additional financing sources for the company seeking to leverage the value of this facility," Herschkowitz said.
Added company chairman and chief executive officer Martin D. Cleary: "The company intends to strategically draw down on this facility in a manner that protects the best interests of our shareholders and use the proceeds for core product development, material transactions such as licensing, mergers, acquisition and other relevant value-added business development opportunities."
The biotechnology company is based in Sunnyvale, Calif.
| Issuer: | Amarantus BioSciences, Inc.
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| Issue: | Equity funding facility
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| Amount: | $10 million
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| Tenor: | Three years
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| Warrants: | No
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| Investor: | Centurion Private Equity, LLC
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| Settlement date: | Oct. 13
|
| Stock symbol: | OTCBB: AMBS
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| Stock price: | $0.17 at close Oct. 12
|
| Market capitalization: | $11.39 million
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