By Sheri Kasprzak
Atlanta, Oct. 25 - Mymetics Corp. has received a $5 million standby equity distribution agreement, the company announced Monday.
Under the terms of the agreement, Mymetics will be able to draw up to $175,000 per advance from Cornell Capital Partners for two years. There is no minimum draw required in the agreement.
Mymetics, based in Providence, R.I., is a biotechnology company focused on developing HIV treatments and vaccines.
The company plans to use the funds to work on its HIV vaccine prototype and to conduct human clinical trials.
| Issuer: | Mymetics Corp.
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| Issue: | Standby equity distribution agreement
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| Amount: | $5 million
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| Tenor: | Two years
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| Warrants: | No
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| Investor: | Cornell Capital Partners
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| Announcement date: | Oct. 25
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| Stock price: | $0.095 at close Oct. 22 (last trade)
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