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StemCells Inc. Message Board

  • arcanos70 arcanos70 May 21, 2013 8:00 PM Flag

    How many million shares Proforma must be Issued to match Money STEM got


    Remember..Millions of Shres MUST be issued in exchange of Money awarded

    This topic is deleted.
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    • nmd I see your meaning.

    • No warrants will be issued in connection with the CIRM loan, but we will owe various success milestone payments, in an aggregate amount of up to five (5) times the principal funds disbursed by CIRM, in the event of the commercial success of HuCNS-SC cells in Alzheimer’s disease.

    • which loan? 10million dollar loan states:
      Effective April 9, 2013, we entered into a loan agreement with the California Institute for Regenerative Medicine (“CIRM”) for approximately $19.3 million to fund preclinical research in Alzheimer’s disease (the “CIRM Loan Agreement”). CIRM was established by the voters of the State of California pursuant to Proposition 71 to advance the biotech industry in California through grants and loans for stem cell research, research facilities and other vital research opportunities. The loan was made pursuant to a research award by CIRM’s governing board in September 2012 under CIRM’s Disease Team Therapy Award program (RFA 10-05).

      A stated aim of our CIRM-funded research project is to file, within a four-year project period, an Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration for a clinical study of our proprietary HuCNS-SC cells as a treatment for Alzheimer’s disease.

      Funds under the CIRM Loan Agreement are expected to be disbursed periodically by CIRM over the four-year project period, although the disbursements are subject to a number of preconditions, including the achievement of certain progress milestones and compliance with certain financial covenants. The loan is unsecured and the term of the loan is ten years, but may be extended under certain circumstances. Initially, the loan will bear interest at the one year LIBOR rate plus two percent (2%); however, the interest rate will increase by 1% each year after year five. Interest will accrue with the first disbursement of loan funds, but we will not begin paying interest until year six. Repayment of the principal and any accrued and unpaid interest will be due and payable at the end of the term. We can prepay the CIRM loan at our election, either in whole or in part, at any time and without a prepayment fee. In addition, the loan is forgivable so that our obligation to repay will be contingent upon the success of HuCNS-SC cells as a

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