Friday April 25, 2014 0 commentsDENVER - Omni Bio Pharmaceutical Inc. (OTCQB: OMBP) announced the finalization of a private financing arrangement led by its principal investor - Bohemian Investments LLC - that establishes a credit facility of up to $3 million to support ongoing operations and execution of the company's development plan for its lead Fc fusion recombinant AAT molecule.
The Fc AAT is being targeted for treatment of Type 1 diabetes, graft-versus-host-disease and various inflammatory conditions including chronic gout, the company said.
Omni Bio also announced the engagement of Dawson James Securities Inc. to advise and assist in its capital market activities and ongoing capitalization strategies under the assumption of successful Fc AAT manufacturing scale-up efforts.
Services to be provide by Dawson James include options for further fund-raising, strategic messaging, communications planning and pre-investment marketing.
"We are extremely pleased to have secured the private financing deal with the Bohemian group," said Dr. Bruce E. Schneider, Omni Bio CEO.
"We are also very fortunate to have entered into an advisory services agreement with Dawson James, who are clearly the leaders in early-stage life science company investment banking."
The credit facility secures up to $2 million in additional financing from Bohemian and enables an additional $1 million in like funding from other sources yet to be secured, Omni Bio said.
The company said it will also issue Bohemian and certain of its affiliates warrants to buy up to 4 million shares of common stock and has agreed to extend and reset the price of all warrants currently held by BOCO Investments LLC.