By Lisa Kerner
Erie, Pa., Feb. 24 - StemPath, Inc. said it has entered into definitive agreements for a C$1 million private placement with New Generation Biotechnology Funds.
The financing involves convertible debentures purchased in two tranches. The first tranche is for C$700,000. The second tranche, conditional upon StemPath meeting performance milestones, is for C$300,000.
Proceeds from the financing will be used to bring StemPath's first drug candidates, aimed at treating acute myocardial infarction and skeletal muscle myopathies, into the preclinical testing phase.
Based in Ottawa, Ont., StemPath develops peptide-based pharmaceuticals to stimulate heart and skeletal muscle regeneration.
| Issuer: | StemPath, Inc.
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| Issue: | Convertible debentures
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| Amount: | C$1 million
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| Investor: | New Generation Biotechnology Funds
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| Announcement date: | Feb. 24
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