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Eupraxia Pharmaceuticals Announces New C$12 Million Convertible Debt Facility
Eupraxia Pharmaceuticals Announces New C$12 Million Convertible Debt Facility Canada Ne...
About this update from Eupraxia Pharmaceuticals, Inc.
[{"type":"text","content":"\n\n\n\n Eupraxia Pharmaceuticals Announces New C$12 Million Convertible Debt Facility\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n The Company also provides an update on the Silicon Valley Bank convertible debt facility\n \n\n Including the new\n \n C$12 million\n \n convertible debt facility, Eupraxia anticipates it has sufficient cash to fund its operations to the second quarter of 2025\n \n\n\n\n\n VICTORIA, BC\n \n\n ,\n \n\n Aug. 2, 2024\n \n\n /CNW/ - Eupraxia Pharmaceuticals Inc. (\"Eupraxia\" or the \"Company\") (TSX: EPRX) (NASDAQ: EPRX), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize drug delivery for applications with significant unmet need, today announced entry into a new\n \n C$12 million\n \n convertible debt facility (the \"Convertible Debt Facility\").\n \n\n\n\n\n\n\n\n\n Under the Convertible Debt Facility, Yabema Capital Limited and other current Eupraxia shareholders (together, the \"Lenders\") will make available for drawdown an aggregate amount of\n \n C$12 million\n \n for a period of 120 days following entry into the agreement. The decision to draw on the facility within 120 days of closing is at the discretion of Eupraxia and is subject to the full and final release of the SVB Facility (as defined below), originally agreed to on\n \n June 21, 2021\n \n .\n \n\n The aggregate unpaid principal amount and any accrued and unpaid interest thereon will be convertible at each individual lender's discretion into Eupraxia common shares (the \"Common Shares\"), at a conversion price equal to\n \n C$4.84375\n \n per Common Share. The conversion is further subject to certain threshold limitations with respect to each lender's aggregate ownership of the Common Shares.\n \n\n \"The new convertible debt facility provides an important source of additional funding from long term, supportive investors, and creates greater stability to Eupraxia's cap structure as we continue to advance our clinical programs in eosinophilic esophagitis and osteoarthritis,\...