Business
Lattice Biologics Ltd. Announces Completion of Transaction to Reduce Royalty and Debt Obligations
Lattice Biologics Ltd. Announces Completion of Transaction to Reduce Royalty and Debt Obligations.
About this update from Lattice Biologics Ltd
[{"type":"text","content":"\nLattice Biologics Ltd. Announces Completion of Transaction to Reduce Royalty and Debt Obligations\n\nLattice Biologics Ltd. Announces Completion of Transaction to Reduce Royalty and Debt Obligations\n\nSCOTTSDALE, AZ--(Marketwired - June 13, 2017) - Lattice Biologics Ltd. (TSX VENTURE: LBL) (OTCQB: LBLTF) (\"Lattice Biologics\" or the \"Company\") announced today that it has completed the previously announced transaction to significantly reduce the Company's royalty and debt obligations (the \"Transaction\") with Grenville Royalty Corp. (\"Grenville\").Pursuant to the Transaction, US$2.7 million of debt was converted into common shares of Lattice Biologics and the royalty was reduced to 1.25% of revenue. In addition, the secured note issued to Grenville was restructured to extend the maturity date to 2022 and lower the interest rate to 4.244% per annum. For further details, see the Company's news release dated April 26, 2017.\"The Transaction is a major step towards normalizing Lattice's capital structure,\" said Guy Cook, Chief Executive Officer. \"We believe we are now well-positioned to pursue the longer-term potential of the Company.\"Completion of the Transaction follows on the heels of the Company's recent announcements (on May 31, 2017 and June 1, 2017) regarding the appointment of Darrel Holmes, as Chief Operating Officer of the Company and receipt of American Association of Tissue Banks approval for distribution of musculoskeletal tissue and skin through September 2019. Lattice Biologics Ltd.Guy Cook,Chief Executive OfficerTelephone No: (480) 563-0800About Lattice Biologics Ltd.:Lattice Biologics Ltd. is an emerging precision medicine leader in the field of cellular therapies and tissue engineering, with an emphasis on bone, skin, and cartilage regeneration. As a manufacturer of the highest quality allografts, Lattice is focused on next generation products to improve surgical outcomes. Versatile allografts for a variety of surgical applications:Enhancing fusion in spine surgeryEnhancing breast reconstruction post mastectomy for breast cancer patientsSports medicine indications, including ACL repairPromotion of bone regeneration in foot and ankle surgeryPromotion of cranial healing following neurosurgeryEnhancing wound repair in burn victimsSubchondral bone defect repair in knee and other joint surgeriesThe Company is ...