Oncotelic Therapeutics, Inc. announced that it has received $0.20375 million in funding from Geneva Roth Remark Holdings, Inc.
May 24, 2021
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Oncotelic Therapeutics, Inc. (OTCPK:OTLC) announced that it has entered into securities purchase agreement with Geneva Roth Remark Holdings, Inc. for private placement of a convertible promissory note for gross proceeds of $203,750 on May 25, 2021. The note is convertible into common shares at a variable conversion price of 1.0 minus 35%, multiplied by the 15-day VWAP. The note bears interest rate of 6% per annum and matures on May 25, 2022. Prepayment of the note may be made at any time from the issuance date to 180 days after the issuance date at a rate of 120% of the outstanding principal amount plus accrued and unpaid interest, plus default interest. The securities are issued pursuant to exemption provided under Regulation D. The company may receive additional proceeds of up to $1,200,000 during the term of the note subject to further agreement.
Oncotelic Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing drugs for the treatment of orphan oncology indications, developing antisense and small molecule injectable drugs for the treatment of cancer. The Company has eight primary drug and AI technology programs: AL-101, an intranasal drug and delivery system for intra-nasal Apomorphine for the treatment of Parkinsonâs Disease (PD), erectile dysfunction (ED) and female sexual dysfunction (FSD); CA4P, a vascular disrupting agent (VDA) in combination with Ipilimumab for the treatment of solid tumors with focus on melanoma in adult and pediatric melanoma; Oxi4503, a second generation VDA for the treatment of liquid tumors with focus on childhood leukemia; OT-101, an antisense against TGF-β2 for the treatment of various cancers and viruses, including SARS and the COVID-19, and Artemisini, a natural derivative from an Asian herb Artemisia Annua that inhibits the ability of various viruses to multiply.