By Angela McDaniels
Seattle, Nov. 21 - SemBioSys Genetics Inc. said it has received C$2.5 million in long-term secured debt financing from Oxford Finance Corp., a specialty finance firm based in Alexandria, Va.
Proceeds will be used to purchase analytical equipment, to fund the company's capital asset purchases and to expand its plant-growth facilities to provide additional capacity for the ongoing scale-up of the company's pharmaceutical product candidates.
"We are moving from the research phase to the development phase with our pharmaceutical product candidates, insulin and Apo AI. This new funding ensures that we have the capital equipment and facilities necessary to advance these products into the clinic," said SemBioSys president and chief executive officer Andrew Baum in a company news release.
Calgary, Alta.-based SemBioSys is a biotechnology company that uses genetically engineering plants and its oilbody-oleosin technology platform to develop protein-based pharmaceuticals and nonpharmaceutical products.
| Issuer: | SemBioSys Genetics Inc.
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| Issue: | Secured debt financing
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| Amount: | C$2.5 million
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| Investor: | Oxford Finance Corp.
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| Announcement date: | Nov. 21
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