...We Welcome You To The Resverlogix HUB withIn The AGORACOM COMMUNITY!

Free
Message: Zacks SCR Report 6/14/17

New Zacks SCR Report 6/14/17. It basically reiterates the one from March 27, 2017. However, there were statements in there about the recent $10 million overnight marketed equity offering and also about the current debt balance.

"Resverlogix to Raise CAD$10 Million Gross

On June 9th, Resverlogix announced that it had confirmed CAD$10 million in demand for equity shares in an overnight offering marketed to Canadian investors. We anticipate the final details regarding net proceeds and shares issued will be available in the next week or two. The CAD$10 million capital raise should be sufficient to provide the flexibility to negotiate a larger licensing or first right of refusal deal that will support clinical trials and operations until a new drug application can be submitted to the FDA, which we anticipate occurring in 2019. Based on our conversations with management and the limited level of capital targeted in last week s announcement, we anticipate that a larger deal is close at hand which will provide enough cash to fund the $2.0 to $2.5 million per month in anticipated cash burn."

and later states:

"The company currently holds approximately $50 million of debt on its balance sheet. This represents a loan agreement with Citibank which is repayable upon maturity on August 28, 2017. Management is currently in discussions with lenders to extend or replace the loan. We believe that current talks regarding a capital raise include some type of replacement of this arrangement that will be more favorable to a development stage company."

 

3
Jun 16, 2017 02:47AM
5
Jun 16, 2017 11:17PM
4
Jun 16, 2017 11:23PM
4
Jun 17, 2017 01:14PM
2
Jun 18, 2017 11:58AM
Share
New Message
Please login to post a reply