GEM Global Yield, with offices in New York and Paris, will issue the funds to FibroBiologics after a public listing of the company’s common stock.
Under the deal, FibroBiologics will control the timing and maximum amount of the drawdown and has no minimum drawdown obligation.
Over a three-year period, FibroBiologics will issue warrants to GEM to purchase up to 4 percent of the total equity interests. FibroBiologics intends to use the funds to continue developing its fibroblast-based cell therapy platform, which is designed to treat spine and orthopedic conditions, multiple sclerosis and cancer.
“This agreement provides for a strong balance sheet upon public listing and positions FibroBiologics for the next stage of commercial development to deliver life-changing abatement for patients with incurable chronic diseases,” Pete O’Heeron, FibroBiologics CEO and chairman, said in a Nov. 16 news release.
At the Becker's 23rd Annual Spine, Orthopedic and Pain Management-Driven ASC + The Future of Spine Conference, taking place June 11-13 in Chicago, spine surgeons, orthopedic leaders and ASC executives will come together to explore minimally invasive techniques, ASC growth strategies and innovations shaping the future of outpatient spine care. Apply for complimentary registration now.
