I came across this in securities purchase agreement dated October 2, 2013. It is interesting to note that on September 3, 2013 a different securities purchase agreement was issued and there was no mention of AMBS-XXX (Phase 2b) being a use of the proceeds. But, 30s day later it showed up in one of their filings. It is very clear to me that they would not be pursing this if they did not have a significant cash infusion and/or a certain reason to believe they would have the funds to develop a P2 product.
Quote: 4.9 Use of Proceeds
Following is a schedule of the use of proceeds from the Debenture funds:
Clinical development costs related to Lympro $500,000 Clinical development costs related to MANF $1,000,000 Clinical development costs related to AMBS-XXX (Phase 2b) $1,000,000 General corporate $500,000 Total $3,000,000
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