By Sheri Kasprzak
New York, May 4 - MultiCell Technologies, Inc. has entered into a $25 million equity line from Fusion Capital II, LLC.
Fusion agreed to buy shares of MultiCell over 25 months at the lower of the lowest sale price or the average of the company's stock for the three lowest closing sale prices for the 12 consecutive trading days before a draw. There is a $0.10 floor.
There is a $1 million limit on each draw.
Fusion received warrants for 1,572,327 shares, exercisable at $0.01 each through May 3, 2011.
The proceeds will be used for the advancement of the company's MCT-125 product's phase 2b and 3 clinical trial for fatigue related to multiple sclerosis.
San Diego-based MultiCell is a biopharmaceutical company focused on treatments for neurological, metabolic and endocrine disorders.
| Issuer: | MultiCell Technologies, Inc.
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| Issue: | Equity line
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| Amount: | $25 million
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| Tenor: | 25 months
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| Price: | The lower of the lowest sale price or the average of the company's stock for the three lowest closing sale prices for the 12 consecutive trading days before a draw
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| Warrants: | For 1,572,327 shares
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| Warrant expiration: | May 3, 2011
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| Warrant strike price: | $0.01
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| Investor: | Fusion Capital II, LLC
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| Settlement date: | May 3
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| Stock symbol: | OTCBB: MCET
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| Stock price: | $0.36 at close May 3
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