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In a release, the Company noted that the Investment will be used to fund operations and working capital needs of the company and expand its scientific research. Proceeds of the investment provide a valuable addition to the company's capital structure. Together with the private capital already committed to the company and its internally generated revenue, these funds are expected to provide the capital needed by ISCO for the balance of 2009 and a significant amount of the capital expected to be needed in 2010.
The Company may draw down funds from the Investor as it finds a need, but is not obligated to do so. Funds will be drawn down through the issuance of Series E Preferred Stock. The Preferred Stock will not be convertible into common stock and may be redeemed by the Company after one year. Each issue of Preferred Stock will be accompanied by the issuance of five-year warrants to purchase common stock at 100 percent of the closing price of the company's common stock on the day prior to the date the company gives notice of its election to draw funds. The total exercise value of warrants issued will equal 135 percent of the drawdown amount. Dividends on the Preferred Stock are payable in additional shares of non-convertible Preferred Stock at the rate of 10 percent per annum. A commitment fee of $250,000, payable in shares of common stock, was made to the Investor.
"The flexibility of this financing will add greatly to our financial strength," said Kenneth Aldrich, CEO and Chairman of ISCO. "We are pleased that we have secured a financing source that will be available to us at the time of our own choosing over the next year."
International Stem Cell Corp. is a California biotechnology company focused on developing therapeutic and research products.
((Comments on this story may be sent to health@closeupmedia.com))
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