Amarantus gains additional capital
The original $600,000 note, dated Nov. 14, 2012, was amended to a face value of $2,000,000 before deducting placement agent fees and other offering expenses. Proceeds will be used to provide funding for Amarantus’ lead asset Mesencephalic-Astrocyte-derived Neurotrophic Factor ("MANF"), the advancement of the Company’s diagnostic platforms, and for general working capital.
“With our recently reported positive efficacy data on MANF, and our newly acquired diagnostic platforms, this additional funding positions Amarantus to advance these assets for the potential treatment and diagnosis of Parkinson’s disease and other apoptosis-related disorders,” said Gerald E. Commissiong, President and CEO of Amarantus. “This also provides us the opportunity to explore additional indications where our product candidates may be beneficial.”
In November 2012, Amarantus issued a Convertible Promissory Note to Dominion Capital, LLC in the principal amount of $600,000. On January 28, 2013, the note was amended to increase the principal amount of the note to $2,000,000. The Note bears interest at the rate of ten percent (10%) per annum, is convertible into common stock at $0.10 per share, and is pre-payable at the company’s option at any time. The financing commitments will be realized by Amarantus under the note in six separate tranches of $200,000 to $250,000, subject to certain milestone achievements. Dominion has agreed to a "no shorting" provision.
“Amarantus has made tremendous progress since our initial investment last year. We believe in the assets and the direction of the Company, and are pleased we can contribute to the Company’s future growth,” added Mikhail Gurevich, Managing Partner, Dominion Capital, LLC.
About Amarantus BioScience, Inc.
Amarantus BioScience, Inc. is a development-stage biotechnology company founded in January 2008. The Company has a focus on developing certain biologics surrounding the intellectual property and proprietary technologies it owns to treat and/or diagnose Parkinson’s disease, Traumatic Brain Injury, Ischemic Heart Disease and other human diseases. The Company owns the intellectual property rights to a therapeutic protein known as Mesencephalic-Astrocyte-derived Neurotrophic Factor ("MANF") and is developing MANF-based products as treatments for brain disorders. The Company also is a Founding Member of the Coalition for Concussion Treatment (#C4CT), a movement initiated in collaboration with Brewer Sports International seeking to raise awareness of new treatments in development for concussions and nervous-system disorders. The Company also owns intellectual property and licenses for the diagnostis of Parkinson’s disease and Alzheimer’s disease. For further information please visit www.Amarantus.com.