Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Helix BioMedix has entered into a convertible note and warrant purchase agreement with RBFSC resulting in gross proceeds of $3 million.
Subscribe to our email newsletter
Under the terms of the agreement, the company has issued RBFSC a convertible promissory note in the principal amount of $3 million, which shall accrue interest at 8% per annum and is due and payable on February 14, 2010, unless converted into shares of the company’s capital stock according to the terms of the agreement.
The agreement also provides that RBFSC may be entitled to receive a warrant to purchase shares of the company’s common stock under certain circumstances.
Stephen Beatty, president and CEO of Helix BioMedix, said: “These funds will be utilized for general corporate purposes and working capital while we continue the process of expanding our presence in the consumer market and initiating our pharmaceutical program.