May 6, 2020 / 1:40 PM / 18 days ago

BRIEF-Oncology Venture Secures USD 5 Mln Equity Investment

May 6 (Reuters) - Oncology Venture A/S:

* REG-PRESS RELEASE ONCOLOGY VENTURE SECURES A US $5 MILLION (50 MILLION SEK) EQUITY INVESTMENT FROM A NEW US BASED INVESTOR

* ENTERED INTO A SHARE SUBSCRIPTION AGREEMENT WITH GLOBAL CORPORATE FINANCE

* AGREEMENT RUNS FOR 36 MONTHS, DURING WHICH TIME CO CAN DECIDE TO EXERCISE INVESTMENT BY GCF IN FIVE TRANCHES OF UP TO US $1 MILLION (10 MILLION SEK) EACH AGAINST ISSUING COMPANY SHARES TO GCF

* INVESTMENT AND SHARE SUBSCRIPTION AGREEMENT WILL SUPPORT DEVELOPMENT AND COMMERCIALIZATION OF PRIORITIZED PIPELINE OF CANCER DRUGS

* SHARE SUBSCRIPTION PRICE IN EACH TRANCHE SHALL BE CALCULATED AS 95% OF DAILY VOLUME WEIGHTED AVERAGE PRICE OF CO’S SHARES FOR FIVE CONSECUTIVE TRADING DAYS FOLLOWING DATE OF A DRAW DOWN NOTICE FROM OV

* FINANCING COSTS FOR ONCOLOGY VENTURE ARE FIVE PERCENT (5%) OF TOTAL COMMITMENT OF US $5 MILLION (SEK 50 MILLION), EXCLUDING LEGAL AND ADMINISTRATIVE COSTS

* AGREEMENT RUNS FOR 36 MONTHS, DURING WHICH TIME CO CAN DECIDE TO EXERCISE INVESTMENT BY GCF IN 5 TRANCHES OF UP TO $1 MLN Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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