Swiss Medica to raise €10 million through German company

By Lisa Kerner

Charlotte, N.C., Sept. 11 - Swiss Medica, Inc. said the privately held German company, Swiss Medica GmbH, is approved to raise up to €10 million in gross proceeds through a prospectus offering.

The funds will be used to invest into non-convertible preferred shares of Swiss Medica, Inc. at a price of €1.25 per preferred share with a dividend yield of 16%.

In addition, the preferred shares cannot be redeemed prior to Dec. 31, 2008 and mature on Dec. 31, 2011.

Swiss Medica is a specialty pharmaceutical company based in Toronto.

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