Immuron Ltd., a publicly listed Australian biopharmaceutical company, inked A$1.4 million (C$1.5 million) financing deal with Paladin Labs.
With this, Immuron will utilize this financing, to continue expansion of its Travelan product into other territories. Initially, the company will get drawdown of C$1 million, with a coupon rate of 10%. The loan can’t be repaid till 3-year from the date of initial drawdown.
As per the deal, Paladin Labs will hold the right to convert all or part of the funds advanced into completely paid ordinary Immuron shares at an agreed conversion price of $A0.0473 per share. Paladin Labs gets exclusive rights to market Travelan in certain territories, such as Canada, Latin America and sub-Saharan Africa. Immuron obtained an upfront licence fee of C$500,000 for those territories from Paladin. It will also get additional performance milestone payments over the licence period.
Travelan is a novel, over the counter product which is up to 90% efficient in stopping travellers’ diarrhoea.
With this, Immuron will utilize this financing, to continue expansion of its Travelan product into other territories. Initially, the company will get drawdown of C$1 million, with a coupon rate of 10%. The loan can’t be repaid till 3-year from the date of initial drawdown.
As per the deal, Paladin Labs will hold the right to convert all or part of the funds advanced into completely paid ordinary Immuron shares at an agreed conversion price of $A0.0473 per share. Paladin Labs gets exclusive rights to market Travelan in certain territories, such as Canada, Latin America and sub-Saharan Africa. Immuron obtained an upfront licence fee of C$500,000 for those territories from Paladin. It will also get additional performance milestone payments over the licence period.
Travelan is a novel, over the counter product which is up to 90% efficient in stopping travellers’ diarrhoea.