Scandinavian ChemoTech has renewed existing loans from external lenders, larger shareholders and members of the board and CEO
Today ChemoTech signed an extension of the existing credit lines amounting to 6 MSEK, which provides the company with 2 MSEK in unused funds in addition to the existing liquidity of 4 MSEK and excluding the last months orders of 1,7 MSEK.
After comparing terms given from several debt finance options, the company has taken these loans to the best market terms available, with an interest rate of 4,5 % per quarter and a setup fee of 5%.
“It feels great that ChemoTech can continue to attract debt financing options in today’s financial market, which we see as the best financial option when we now entered our commercial phase in both Human and Animal care. Our focus is to use the momentum we have established in the first two quarters to continue to generate sales and revenues.” - says Mohan Frick, CEO of Scandinavian ChemoTech
“This debt financing shows that investors have a strong trust in the commercialization phase and in the strategy that ChemoTech has. We are ready to work hard with a slim budget and still achieve our targets until we start generating recurring revenue streams. -says Robin Sukhia Chairman of the Board at Scandinavian ChemoTech
For further information please contact:
Mohan Frick, CEO
Phone: +46 (0)10-218 93 00
E-mail: ir@chemotech.se
Scandinavian ChemoTech AB (publ)
ChemoTech is a Swedish medical technology company based in Lund that has developed a patented technology platform to offer cancer patients access to a new treatment alternative, Tumour Specific Electroporation™ (TSE), available for treatment of both humans and animals. There are a large number of cancer patients whose tumours for various reasons cannot be treated by conventional methods but where TSE can be a solution. Therefore, the company continuously evaluates new opportunities and areas of application for the technology. ChemoTech's shares (CMOTEC B) are listed on Nasdaq First North Growth Market in Stockholm and Redeye AB is the company's Certified Adviser. Read more at: www.chemotech.se.
