FluoroPharma Medical, Inc. announced that it has received $2 million in funding.
December 28, 2014
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FluoroPharma Medical, Inc. (OTCPK:FPMI) announced that it has entered into a note purchase agreement for a private placement of promissory notes for gross proceeds of approximately $1,977,500 on July 22, 2014. The company will issue the notes to accredited investors as part of the transaction. The notes mature one year from the date of issuance and bear interest at the rate of 8% per annum. The notes issued as part of the transaction will mature on July 22, 2015. The principal and the interest accrued under the notes will automatically convert into the company's next equity or equity-linked financing without any action on the part of the investor, into such securities, including warrants of the company that are issued in the subsequent financing. The company will issue the securities pursuant to exemption provided under Regulation D. The note agreement will be terminated if there is failure to pay the principal within ten days after such amounts are due. As part of the transaction, certain directors of the company have invested an aggregate of $22,500 of accrued but unpaid director fees. Monarch Capital Group, LLC acted as a placement agent to the company for the transaction. The company paid a cash placement agent fees of $81,600 and the reimbursed the customary expenses, including legal fees, in connection with the transaction. The company will not pay any brokers fees, finders' fees or financial advisory fees or commissions as part of the transaction. Loeb & Loeb LLP will act as an advisor in the transaction.
On the same day, the company announced that it has received $1,222,500 in its first tranche closing from 23 investors.
On December 29, 2014, FluoroPharma Medical, Inc. closed the transaction. The company received gross proceeds of $1,998,500 in the transaction. Out of the total proceeds received $47,916 has been received by the company in marketable securities. The company incurred $128,329 in issuance costs in the transaction.
FluoroPharma Medical, Inc. is a biopharmaceutical company specializing in discovering, developing and commercializing molecular imaging pharmaceuticals with initial applications in the area of cardiology. The Company is focused on the development of cardiovascular imaging agents that detect and assess acute and chronic forms of coronary artery disease (CAD). It has two clinical-stage molecular imaging pharmaceutical product candidates: 18-F TPP (BFPET) and 18-F FCPHA (CardioPET). BFPET program employs a (18F)-labeled cationic lipophilic tetraphenylphosphonium ion as an imaging agent designed for use in stress-testing for patients with presumptive or proven CAD. It measures the extent and severity of cardiovascular disease through the detection of ischemic and infarcted myocardial tissue. CardioPET program employs Trans-9-(18F)-Fluoro-3, 4-Methyleneheptadecanoic Acid as a molecular imaging agent designed to assess myocardial blood flow and metabolism in patients with CAD.