Business
PetLife Receives Initial Equity Funding Commitment for $2.5M to $5M
PetLife Receives Initial Equity Funding Commitment for $2.5M to $5M.
About this update from Petlife Pharmaceuticals Inc
[{"type":"text","content":"\n \n \n PetLife Receives Initial Equity Funding Commitment for $2.5M to $5M\n \n \nPetLife Receives Initial Equity Funding Commitment for $2.5M to $5M\n \n BEVERLY HILLS, CA--(Marketwired - Sep 22, 2014) -  PetLife Pharmaceuticals, Inc. (OTCQB: PTLF) today announced it has received a financing offer from an international investment fund for a $2.5 million to $5 million initial, common stock financing. \n The funds will be used to finance the commercial launch of PetLife's nutraceutical products, and to commence the FDA Abbreviated New Drug Application (ANDA) approval process for three prescription drug versions of Escozine for Pets™ (oral intake version and intravenously infused version, as well as a version to be injected directly into malignant tumors).\n The investor's financing commitment follows a month of negotiations, and due diligence by its doctor and other experts from the medical and biotech field. Accordingly, PetLife anticipates closing within 45 days or less -- subject to remaining customary due diligence and documentation. The Company will announce the Closing, with full details included in a corresponding filing with the SEC on Form 8-K. It is continuing to speak with other institutional investors who have expressed strong interest in participating in a follow-on financing that would reflect a stepped-up post-money valuation. \n Upon receipt of the funding, PetLife will start additional in vitro, in vivo and toxicity studies which are the basis for filing an ANDA with the FDA. It anticipates that these studies will be completed in 13 weeks and the ANDA filed upon their completion.\n Use of proceeds includes building out the management team and resources for a highly effective multi-channel marketing campaign. This includes: \n \n \n Online. Implement an aggressive direct-to-consumer online marketing campaign utilizing integrated SEO, Facebook, & banner ad campaign to target pet owners and center-of-influence veterinary leaders.\n \nRetail. Market to distributors, and brick & mortar outlets such as PetSmart and Petco.\n \nVeterinarians. Utilize a specialized, vertical marketing firm to penetrate the veterinarian community and clinics with Escozine For Pets benefits, education and distribution.\n \nMulti-level Marketing. PetLife has partnered with a multi-level marketing (MLM) platform...