- Fibrocell Sciences (FCSC -0.3%) closes its private placement of convertible promissory notes and warrants generating over $18M in gross proceeds. The funds will support the continued development of FCX-007 and the preclinical development of FCX-013.
- The notes bear annual interest of 4%. The total aggregate principal amount is $18.1M along with five-year warrants to purchase up to 18.1M shares of common stock at $1.50. The notes can be converted into common stock at any time at prices ranging from $1.13625 - 1.22625. The maturity date of the notes is the earlier of September 7, 2026 or 180 days after FCX-007 is approved by the FDA for the treatment of recessive dystrophic epidermolysis bullosa.
- The company expects the new capital, in combination with existing quick assets, to be sufficient to fund operations into Q4 2017.