QBioMed reaches new $4M funding agreement with Yorkville Advisors Global
Q BioMed Inc (OTCQB:QBIO) has reached a $4 million funding agreement with Yorkville Advisors Global, which will allow the biotech to reach additional commercial milestones.
The company has already closed on the initial tranche of $2 million from Yorkville and expects to close on the balance pending the filing of a registration statement with the US Securities and Exchange Commission for the underlying shares.
Read: QBioMed extends clinical trial agreement to study glaucoma drugs with Washington University
“We are very pleased to once again partner with Yorkville as we enter a very milestone intensive period for Q BioMed,” said CEO Denis Corin. “We are confident that this capital will provide a meaningful return to Yorkville, and the necessary runway to reach some important milestones for QBIO.”
On the list of the biotech’s pending achievements which will be helped by the additional runway provided by Yorkville are the drug launch for its radiopharmaceutical product Strontium-89 Chloride, which treats metastatic breast and prostate cancer bone pain.
Read: Roth Capital Partners initiates coverage in Q BioMed with a Buy rating and $6.75 price target
The funding will also help provide for the orphan drug application for QBM-001, its autism spectrum disorder drug, as well as advances for Man01, its glaucoma drug and final synthesis data on Uttroside B, a chemotherapeutic for liver cancer.
The US$4mln debentures have a conversion price of the lower of $4 or a 7% discount to market with a $2 floor price.
QBiomed shares held steady Friday to finish at $2.97 in New York.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/205550/qbiomed-reaches-new-4m-funding-agreement-with-yorkville-advisors-global-205550.html
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