Scinai Immunotherapeutics (NASDAQ: SCNI), a biopharmaceutical company focused on developing inflammation and immunology (“I&I”) biological products and on providing contract development and manufacturing organization (“CDMO”) services through its Scinai Bioservices business unit, has closed on its previously announced loan restructuring agreement. According to the announcement, the agreement is with the European Investment Bank (“EIB”) and includes an amendment.
Specifically, the agreement notes that “in connection with the transaction, an amount equal to approximately EUR 26.6 million (equal to approximately $29 million), including interest accrued to date, owed by the company to the EIB under the finance contract was converted into 1,000 preferred shares, no par value per share, of the company. Following such conversion, the total outstanding amount owed by the company to the EIB is EUR 250,000 (equal to approximately $273,000 ). The outstanding amount has a maturity date of Dec. 31, 2031, is not prepayable in advance, and no interest accrues or is due and payable on such amount.”
To view the full press release, visit https://ibn.fm/fQaf5
About Scinai Immunotherapeutics Ltd.
Scinai Immunotherapeutics is a biopharmaceutical company with two complementary business units: one focused on in-house development of inflammation and immunology (“I&I”) biological therapeutic products beginning with an innovative, derisked pipeline of nanosized VHH antibodies (NanoAbs) targeting diseases with large unmet medical needs, and the other a boutique contract development and manufacturing organization (“CDMO”) providing biological drug development, analytical methods development, clinical cGMP manufacturing, and preclinical and clinical trial design and execution services to early-stage biotech drug-development companies. For more information, visit the company’s website at www.Scinai.com.
NOTE TO INVESTORS: The latest news and updates relating to SCNI are available in the company’s newsroom at https://ibn.fm/SCNI
About BioMedWire
BioMedWire (“BMW”) is a specialized communications platform with a focus on the latest developments in the Biotechnology (BioTech), Biomedical Sciences (BioMed) and Life Sciences sectors. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled recognition and brand awareness.
BMW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from BioMedWire, “Biotech” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.BioMedWire.com
Please see full terms of use and disclaimers on the BioMedWire website applicable to all content provided by BMW, wherever published or re-published: https://www.BioMedWire.com/Disclaimer
BioMedWire
San Francisco, CA
www.BioMedWire.com
415.949.5050 Office
[email protected]
BioMedWire is powered by IBN