Debenture financing plus share option warrants issued
Toronto’s proteomics company with a focus on point-of-care diagnostics has issued $3 million in secured debentures to fund commerical development of its point-of-care diagnostic product for congestive heart failure (CHF) through a private placement accompanied by share option warrants. Maturing on 31st July 2005, the debentures bear interest at 7% in the first year and 10% thereafter while each warrant entitles holders to purchase shares in the company at $0.83 per share any time until 31st July 2005. This issue is capped at $5 million with 2.5 million warrants.
The company is also cutting its operating expenses in an effort to reduce its burn rate by about $3 million within the current year. In the meantime, SYN•X has embarked on a strategy to move away from out-licensing its proprietary technology to speed up commercialisation of its innovative products through co-development, manufacturing and distribution partnerships.
Further information Related article CHF treatment
Keywords : SYN•X Ontario Canada Proteomics Diagnostics Congestive heart failure (CHF) Point-of-care Debenture funding Share option warrants Development commercialisation Regulatory process
