By Devika Patel
Knoxville, Tenn., Aug. 21 - International Stem Cell Corp. said it has arranged a $3 million private placement of its series C convertible preferred stock.
The company will sell 3 million preferreds at $1.00 apiece. Each preferred is convertible into common stock at $0.25 per share.
The placement will settle in three tranches. The first, for $700,000, closed Aug. 20. The second closing for $1.3 million is scheduled for Sept. 23 and the final closing of $1 million is scheduled for Dec. 15.
Proceeds will support work towards pre-clinical trials using parthenogenetic stem cells for retinal and liver disease and diabetes; advance the construction of therapeutic cell manufacturing facilities and support ongoing operations.
International Stem Cell has headquarters in Oceanside, Calif.
| Issuer: | International Stem Cell Corp.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $3 million
|
| Shares: | 3 million
|
| Price: | $1.00
|
| Conversion price: | $0.25
|
| Warrants: | No
|
| Settlement date: | Aug. 20 (for $700,000), Sept. 23 (for $1.3 million), Dec. 15 (for $1 million)
|
| Stock symbol: | OTCBB: ISCO
|
| Stock price: | $0.34 at close Aug. 20
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