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Spectral Medical Announces Non-Dilutive Financing of Up to $10 Million with Vantive
• Non-Dilutive Financing • Up to US$10 Million Promissory Note Prov...
About this update from Spectral Medical Inc
[{"type":"text","content":"Spectral Medical Announces Non-Dilutive Financing of Up to $10 Million with Vantive\n\n\n\n •\n \n\n Non-Dilutive Financing\n \n\n\n\n •\n \n\n Up to US$10 Million Promissory Note Provided by Vantive\n \n\n\n\n •\n \n\n If Fully Drawn, Promissory Note is Expected to Fully Fund Spectral to PMX Commercialization\n \n\n\n\n •\n \n\n Company to host Corporate Update Call on May 15, 2025\n \n\n\n\n TORONTO, May 07, 2025 (GLOBE NEWSWIRE) --\n \n Spectral Medical Inc. (“Spectral” or the “Company”) (TSX: EDT),\n \n a late-stage theranostic company advancing therapeutic options for sepsis and septic shock, today announced that it has entered into a senior secured promissory note (the “\n \n Agreement\n \n ”) with Vantive US Healthcare LLC (“\n \n Vantive\n \n ”), in the aggregate principal amount of up to US$10 million.\n \n\n Under the terms of the Agreement, Vantive may advance funds to Spectral in up to four separate tranches to support Spectral’s continued evidence generation strategy and path to commercialization of Toraymyxin™ (“PMX”). PMX is a blood filtration therapy that removes endotoxin, associated with sepsis, from the bloodstream.\n \n\n The first tranche of US$4 million payable to Spectral was triggered on May 6, 2025 upon the execution of the Agreement. The milestones for the further three tranches are outlined in the Agreement as filed on SEDAR+.\n \n\n The primary terms of the Promissory Note are:\n \n\n\n 4-year maturity\n \n\n Payment-in-Kind (“\n \n PIK\n \n ”) interest at an annual rate of 9%\n \n\n Principal balance and PIK interest to be repaid at maturity\n \n\n The Promissory Note is not convertible into any securities of the Company\n \n\n\n Spectral does not anticipate requiring any additional funding to meet its upcoming key milestones, including release of topline results, U.S. FDA submission, and through to PMX commercialization.\n \n\n “We are grateful to have such a committed partner in Vantive as we continue to advance PMX through the regulatory phase and, if ultimately approved, into commercialization,” said Chris Seto, CEO of Spectral. “Not only does this promissory note provide us with non-dilutive funding on Company-friendly terms, it also highlights the st...