Scandinavian ChemoTech strengthens finances by raising a loan of 2.5 MSEK from board and CEO
The Company has today entered into an agreement to strengthen its working capital by raising a loan from four of its board members including CEO.
The agreement signed today strengthens the Company's finances to ensure its ongoing operations.
The loan is taken out at an interest rate of 4% per quarter on the granted loan. The lenders will be given the opportunity to use all or part of the disbursed loan, including accrued and unpaid interest, as an offset in the event of a new issue.
“I appreciate the support from the board to extend our operations into 2023 which gives us enough time to raise long-term capital as well as continue our revenue-focused strategy." -says Mohan Frick, CEO of Scandinavian ChemoTech
"We are in a very exciting period in the company's life with plenty of milestones met and we look forward to continue our commercialisation process." - says Lars Hedbys, Chairman of the Board of Scandinavian ChemoTech
This disclosure contains information that ChemoTech is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 16-08-2022 08:15 CET.
For further information please contact: Mohan Frick, CEO
Phone: +46 (0)10-218 93 00
Mail: ir@chemotech.se
Certified Adviser: Erik Penser Bank, Phone: +46 8 463 80 00, Mail: certifiedadviser@penser.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 Erik Penser Bank is the company's Certified Adviser. Read more at: www.chemotech.se.
