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International Stem Cell Corporation Message Board

  • Dooper55 Dooper55 May 5, 2010 8:04 AM Flag

    New funding for ISCO

    OCEANSIDE, Calif. - (Business Wire) International Stem Cell Corporation (OTCBB:ISCO), www.intlstemcell.com, today announced it has entered into a definitive agreement dated May 4, 2010 (‘the Agreement”) with Socius CG II, Ltd. (“Socius”), pursuant to which Socius has committed to purchase a single tranche of up to $10 million in non-convertible Series F Preferred Stock (the "Preferred Stock") from ISCO. The Company issued a warrant to purchase $13,500,000 worth of the Company’s Common Stock, the exercise price of the warrant being determined by the closing bid price for the Company’s Common Stock on the trading day immediately preceding the date the Company initiates the sale of the Series F Preferred.

    The Company anticipates that the Closing of the Preferred Stock sale will take place 20 business days after the issuance of the Warrants. Proceeds from these sales will be used to provide general working capital and to fund additional development of the Company's proprietary Parthenogenetic Stem Cell Lines, development of commercial research products, and other research and development programs and related business activities.

    Additional details on the transaction are contained in the Company's Form 8-K filed today with the Securities and Exchange Commission.

    A prospectus relating to this offering is available from:

    Investor Relations

    International Stem Cell Corporation

    2595 Jason Court

    Oceanside, CA 92056

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ISCO
0.0711-0.0029(-3.92%)Dec 26 3:50 PMEST

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