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Inspyr Therapeutics (OTCQB:NSPXD) signed a commitment letter that could go up to $100 million in common equity and convertible notes with private equity firm Milost Global.
Inspyr Therapeutics (OTCQB:NSPXD) signed a commitment letter that could go up to $100 million in common equity and convertible notes with private equity firm Milost Global.
As quoted in the press release:
The agreement includes an investment from Milost of up to $25 million in common stock priced at a premium to the current share price and up to $75 million in convertible notes.
Proceeds will be used to advance Inspyr’s clinical development plans and provide for working capital needs. The Company’s entry into the Milost Equity Subscription Agreement Financing Facility (MESA) and the initial tranche of funding is subject to required approvals, final documentation, and customary closing conditions.
“We are pleased to have reached an agreement on the key investment terms, the first step in securing a solid foundation of capital for Inspyr for the next several years,” said Peter Grebow, Ph.D., Chairman of Inspyr Therapeutics.
“We are pleased to be a financial partner to Inspyr and look forward to closing the transaction promptly,” said Egerton Forster, Milost Global Inc. Co-founder and CEO.
About Milost Global Inc.
Milost Global Inc. is a private equity firm that specializes in providing alternative capital, acquisition capital, mezzanine finance and alternative lending to a broad range of industries across the globe including technology, transportation, cannabis, education, distribution, mining, oil and gas, financial services, healthcare, pharmaceuticals and real estate.
About Inspyr Therapeutics
Inspyr Therapeutics, Inc. develops therapies for cancer using a novel technology platform that combines a powerful therapeutic (thapsigargin) with a patented prodrug delivery system that targets the release of drugs within solid tumors. Mipsagargin, its lead drug candidate, has been studied in a Phase 2 clinical trial in patients with Nexavar-refractory hepatocellular carcinoma (HCC) and has been granted Orphan Drug designation by the U.S. Food and Drug Administration (FDA) in this indication. For additional information on Inspyr Therapeutics, visit www.inspyrtx.com.
Source: www.inspyrtx.com