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news.Global Health Ventures, a specialty pharma company focused on life style products that has a new proprietary platform technology for drug delivery via the sublingual route, has signed an equity purchase agreement with Lincoln Park Capital Fund (LPC) for up to $20m.
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Reportedly, Global Health has the right at its discretion to sell shares of its common stock to LPC from time to time over a 30-month period in amounts between $100,000 and $1,000,000 up to the aggregate amount of $20m depending on certain conditions as set forth in the purchase agreement including that a registration statement related to the transaction has been declared effective by the US Securities & Exchange Commission (SEC).
Additionally, the proceeds of the financing will be used for the development of X-Excite and other sublingual drugs. Additional funds will be used to license new products, and to make acquisitions of companies in the same sector.
Global Health Ventures’ therapeutic product X-Excite, which is in experimental studies, has been shown to reach blood stream rapidly, producing maximal effect and having less of the unwanted side effects which are associated with the standard oral administration route drugs. X-Excite is presently in clinical trials in Europe.
Hassan Salari, president and CEO of Global Health, said: “We are pleased to have signed this equity purchase agreement with LPC which will help us to opportunistically fund our business on favorable terms and create a strong pharmaceutical enterprise to benefit our shareholders.”