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ARIUS Secures US$2M Funding Commitment
ARIUS Secures US$2M Funding Commitment.
About this update from Affinity Metals Corp
[{"type":"text","content":"\n\n\n\n\n(TSX Venture: ARI)\n\nTORONTO, Nov. 18 /CNW/ - ARIUS Research Inc. (\"ARIUS\" or the \"Company\",\nTSX-VE: ARI) announced today that it has received a commitment from Xmark\nOpportunity Fund, L.P. and Xmark Opportunity Fund, Ltd. (\"Xmark\") to provide a\nUS$2,000,000 convertible bridge loan facility, subject to a number of\nconditions, including regulatory and Exchange approvals. The Company will use\nfunds drawn from this loan facility for working capital, to fund development\nof the Company's programs and for general corporate purposes.\nThe loan is convertible at Xmark's option, in whole or in part, into\ncommon shares of ARIUS at a price of $0.80 per common share. Under the\nproposed terms, ARIUS will also pay an upfront structuring fee and issue to\nXmark 2,224,125 common share purchase warrants. Each warrant will entitle\nXmark to purchase one common share of ARIUS at a price of $1.00 for a period\nof 24 months from closing. The term of the Warrants will be reduced on a \npro-rata basis with the amount of principal that is repaid within the first\nyear. The loan bears an annual interest rate of 13.25 percent and is repayable\nat any time no later than 24 months from closing.\n\"This loan strengthens our cash position as we continue pursuing the\nobjectives of our business plan,\" said David Young, President and C.S.O. of\nARIUS. \"We are also pleased that a respected U.S biotech-focused investor has\nchosen to be part of the ARIUS story.\"\n\nAbout ARIUS Research\n\nARIUS Research Inc. is a biotechnology company dedicated to the discovery\nand development of novel anticancer monoclonal antibodies (MAbs). Established\nin 1999, ARIUS has built a proprietary technology platform, FunctionFIRST(TM),\nthat rapidly identifies powerful MAbs targeting a variety of cancer\nindications. This antibody generation engine has enabled ARIUS to assemble a\ngrowing pipeline of over 300 functional MAbs, which may be used for commercial\ncollaborations, out-licensing or in-house development. ARIUS has ongoing\nlicensing and research partnerships with key biotechnology and drug\ndevelopment companies that provide revenues and access to external\ntechnologies. The long-term vision of ARIUS is to deliver personalized therapy\nby matching multiple antibodies to the distinct antigenic characteristics of\neach patient's tumor cells there...