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news.Helix BioMedix, a developer of bioactive peptides, has consummated the sale and issuance of convertible promissory notes in the aggregate principal amount of $3.24 million and associated warrants to purchase shares of the company's common stock.
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In connection with the financing, the company issued to the investors convertible promissory notes in the aggregate principal amount of $3.24 million and warrants to purchase an aggregate of 810,000 shares of the company’s common stock at an exercise price equal to $1 per share.
Stephen Beatty, president and CEO of Helix BioMedix, said: “This investment is representative of the strong support from our existing investor base, who purchased the large majority of the notes offered, and their continued belief in the future growth opportunities of the company.
“The proceeds will be utilized for general corporate purposes as well as to begin initial work towards Rx product development and to support the continued expansion of our consumer program.”