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Amarantus Announces Second Closing of Series E Preferred Financing.Amarantus BioScience Holdings, Inc.
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SAN FRANCISCO and GENEVA, Dec. 19, 2014 (GLOBE NEWSWIRE) -- Amarantus BioScience Holdings, Inc. (AMBS), a biotechnology company focused on the development of diagnostics in Alzheimer's disease and therapeutic products in the areas of neurology, psychiatry, ophthalmology and regenerative medicine, announced that it has entered into definitive agreements to raise an additional $2.0 million under its previously announced transaction to issue shares of Series E Preferred Stock (the "Series E"), bringing the total capital raised to $5.0 million. The second closing was led by International Infusion.
"In recent months, we have been working towards further strengthening our balance sheet, and I am very pleased to have the ability to both extend our cash runway and facilitate the expansion of our product portfolio," commented Gerald E. Commissiong, President and CEO of Amarantus. "Our goal is to continue to prepare Amarantus for a transformational 2015, and I believe we are positioned to achieve this."
The Series E is convertible into Amarantus common stock at a price of $0.08 per share, subject to proportional adjustment for stock splits. No warrants were issued in connection with the Series E, and all of the investors have agreed to a "no shorting" provision. Further, the common shares underlying the Series E cannot be sold into the market for 6 months. The additional funds are expected to be used for general corporate purposes, to facilitate the company's previously announced exclusive option agreement with Lonza Walkersville, Inc., a subsidiary of Lonza Group Ltd., to acquire Cutanogen Corporation, a subsidiary of Lonza Walkersville, to develop ESS-W, an autologous skin replacement product for the treatment of Stage 3 and Stage 4 full thickness severe burns, to advance its therapeutic clinical development programs, as well as execute potential business development opportunities.
