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Inspyr Therapeutics Secures a $100 Million Financing Agreement from Milost Global
Inspyr Therapeutics Secures a $100 Million Financing Agreement from Milost Global.
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[{"type":"text","content":"\n\n Commitment of up to $100 Million in Total Proceeds\n Transaction Subject to Definitive Agreement WESTLAKE VILLAGE, Calif., March 17, 2017 (GLOBE NEWSWIRE) -- Inspyr Therapeutics (OTCQB:NSPXD), a clinical-stage biotechnology company developing a novel prodrug therapeutic for the treatment of cancer, announced today that the Company has signed an agreement [or “a preliminary agreement”] with Milost Global, Inc., a U.S. private equity firm, for a commitment of up to $100 million. Proceeds will be used to advance Inspyr’s clinical development plans and provide for working capital needs. The agreement includes an investment from Milost of up to $25 million in common stock, priced at a premium to the current share price, and up to $75 million in convertible notes.  Over the coming weeks, Inspyr expects to finalize additional terms, including the amount and number of drawdowns and terms of each tranche, under a definitive agreement. “This commitment from Milost greatly strengthens our capital structure and our ability to accelerate our clinical development plans,” said Peter Grebow, PhD, Chairman of Inspyr Therapeutics. “The debt and equity structure allows us to execute our near-terms goals to evaluate our lead asset Mipsagargin in several preclinical studies as well as consider strategic, longer-term opportunities to expand our pipeline. This financing enables us to execute our plans for Inspyr to emerge as a key player in developing new treatments for patients with cancer.” “We are excited to be partnering with Inspyr in their plans to become an industry leader. We look into companies that have such potential and come in as a cornerstone investor and take them where they need to be. At such a crucial moment in the life of Inspyr, our financing will help them propel forward to commercialization and beyond.”  Said Egerton Forster, Milost Global Inc. Co-Founder and CEO. About Milost Global Inc.  Milost Global Inc. is a private equity firm that specializes in providing alternative capital, acquisition capital, mezzanine finance and alternative lending to a broad range of industries across the globe including technology, transportation, cannabis, education, distribution, mining, oil and gas, financial services, healthcare, pharmaceuticals and real estate. About Ins...