Ocean Biomedical, Inc. Enters into a $25 Million Convertible Note Facility
Ocean Biomedical intends to use the proceeds for working capital and other general corporate purposes, which may include clinical development costs to support the development of Ocean Biomedical’s drug candidates and the expansion of research and development programs.
Ocean Biomedical expects to issue an aggregate of
Ocean Biomedical has agreed to file a registration statement registering for the sale of the shares of common stock issuable upon conversion of the Notes.
“We are thrilled to have partnered with Alto on this funding arrangement, which will enable us to continue pursuing our mission of advancing groundbreaking medical discoveries that can make a positive impact on global health,” said Dr. Chirinjeev Kathuria, Ocean Biomedical’s Chairman and co-founder. “We are excited to work closely with Alto to create value for all our stakeholders.”
“This financing deal will enable us to advance our research and development efforts and bring life-changing therapies to patients with unmet medical needs,” said
“We are excited to announce our partnership with Ocean Biomedical and look forward to supporting their robust pipeline of diverse and innovative candidates,” said Alto’s Principal,
The Securities Purchase Agreement between Ocean Biomedical and Alto includes representations, warranties, covenants, and other terms typical of a transaction of this type and permits Ocean Biomedical to draw funds under the Notes in multiple closings with such closings subject to satisfaction of certain conditions. A description and copy of the Securities Purchase Agreement will be provided with a Current Report on Form 8-K that Ocean Biomedical will file with the
About Ocean Biomedical, Inc.
To learn more, visit www.oceanbiomedical.com.
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include but are not limited to the expected use of the proceeds of this financing, including their use to continue the Company’s research and development and other goals. These forward-looking statements are based on various assumptions, whether or not identified herein, and on the current expectations of the Company’s management, and they are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions.
Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties, many of which are outside the control of the Company that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. You should carefully consider the risks and uncertainties that are described in the Company’s Annual Report on Form 10-K for the year ended
Ocean Biomedical Investor Relations
Ocean Biomedical Media Relations
Source: Ocean Biomedical, Inc.