$MATN;AGOURA HILLS, Calif., July 27, 2020 (GLOBE NEWSWIRE) -- Mateon Therapeutics (OTC.QB: MATN) announced the closing of the 1st tranche of financing related to the Mateon operations and spinoff of its EdgePoint AI, Inc. (“EdgePoint”, a Delaware Corporation and a division of Mateon).
JH Darbie & Co., Inc. is acting as the exclusive placement agent for the Offering.
The Offering consists of a minimum of 40 units on a best effort all or none basis and a maximum of up to 100 units on a best effort basis at a price per unit of $50,000 (the “Units”).
This initial closing is for the sale of 40 Units.
Each Unit allows the Unit holder to purchase 25,000 shares of the Common Stock of EdgePoint (Mateon’s artificial intelligence (“AI”) division) and one note issued by Mateon (the “Note”).
Each Note is convertible into up to 25,000 shares of EdgePoint’s Common Stock (conversion price $1.00 per share) or up to 138,889 shares of Mateon’s Common Stock (conversion price $0.18 per share).
Each Unit also consists of 100,000 warrants (the “Warrants”), 50,000 Warrants, each to purchase one share of EdgePoint’s Common Stock at $1.00 per share, and 50,000 Warrants, each to purchase one share of Mateon’s Common Stock at $0.20 per share.
The full exercise of the warrants will bring in an additional $2.0 million for EdgePoint and $0.4 million for Mateon.
Mateon will be registering, with the Securities and Exchange Commission, for the spinoff of EdgePoint, as a publicly traded AI powered blockchain technology company.
Early investors in EdgePoint include Silicon Valley veteran Balaji Baktha.
“The spinoff of EdgePoint AI is part of our continuing effort at unlocking the value within Mateon,” said Dr. Vuong Trieu, CEO of Mateon.
“This financing establishes a strong investor base for EdgePoint AI in preparation for its IPO as a fully independent AI technology company.
Recent IPOs of AI technology companies been highly successful and we will be working diligently to ensure the success of EdgePoint AI.”
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein in any manner.
There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification in accordance with the securities laws of any such state or jurisdiction.
About EdgePoint AI
EdgePoint was established in order to advance the company’s revolutionary cluster-computer platform for AI that processes machine learning models at a fraction of the power and budget of mainstream computing in pharmaceutical manufacturing.
EdgePoint is composed of a team of executives with pharmaceutical drug development, Good Manufacturing Practices manufacturing and deep AI knowledge.
The company’s technology solution “TrustPoint” provides an AI computing platform for pharmaceutical and healthcare verticals including blockchain support for manufacturing and clinical trials where data integrity and security are of utmost importance.
The TrustPoint Vision Fabric utilizes AI/blockchain systems to streamline manufacturing and clinical operations.
The system works by continually monitoring manufacturing operations and automatically documenting specific activities that reduces or eliminates manual documentation and verification activities.
Data from the system is stored in blockchain ledgers to capture information in a form that is immutable, auditable and secure.
The process of automatically logging transactions in blockchain records is expected to improve data integrity which has been intense focus for worldwide regulatory agencies.
EdgePoint AI vision camera grid also encompasses a contact tracing application to monitor the spread of COVID-19 indoors.
TracePoint is an upgrade to the EdgePoint manufacturing grid to track contact between workers.
The machine vision AI can help enforce social distancing and contact tracing.
Mateon’s patented AI camera grid system is similar in scope and features to Amazon’s but at a fraction of the cost making it affordable for Contract Development Manufacturing Organizations (CDMOs).
Amazon’s vision grid has been deployed in their autonomous retail chain Amazon-Go, to track shoppers,
which was recently adapted to track contact between workers in warehouses. TracePoint identifies workers who came in contact with a sick coworker and alert operational staff to take actions defined in standard operational procedures.
Procedures may include quarantine for exposed workers and deep disinfection of surfaces exposed to the virus.
This ensures safety, while maintaining cost, by avoiding a plant wide disinfection.
The TracePoint system includes Fever Camera System to continuously measure the body temperature of personnel at a fraction of the cost of commercial infrared cameras.
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