CORRECTION: Missing MAR label and terms of loan in previous press release — CS MEDICA A/S secures 6 MDKK in loan financing to maintain momentum
CS Medica A/S issues a correction of the press release that was sent out at 11:14 CET May 31, 2022. The correction relates to the fact that the press release lacked a MAR label with reference to the EU´s Market Abuse Regulation and lacked the terms of the loan. The following MAR label should have been included in the press release:
This information is information that CS MEDICA A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on May 31, 2022, at 11:14 CET.
The following terms of the loan financing should have been included in the press release:
CS MEDICA will receive loan financing of approximately 6 MDKK, with a commitment fee of five (5) per cent and a monthly interest rate of 1.25 per cent. The loan shall be repaid at the latest on November 30, 2022.
The complete corrected press release with MAR label and terms of loan is presented below:
CS MEDICA A/S (“CS MEDICA” or the “Company”) today announces that it has secured loan financing of a total of approximately 6 MDKK from Bizcap AB, Gerhard Dal, and Råsunda Förvaltning AB.
Motivation for the loan financing
Following the continued progress of moving from an R&D-centric company to a sales-focused company, with several new recruitments and expansion on a range of sales platforms and international markets, CS MEDICA is experiencing an increased interest in its products. In addition, CS MEDICA will initiate an FDA process with the goal to be operational in the US and Canada by H2, 2023/2024. However, the increased interest has caused delays in finalizing the agreements which have postponed the previously planned revenues.
To facilitate the expansion and maintain momentum, the Company has entered into loan financing agreements with Bizcap AB, Gerhard Dal, and Råsunda Förvaltning AB. This financing will enable CS MEDICA to pursue additional collaboration negotiations and enter into more agreements with international customers, thus maintaining its momentum and scaling the business on international markets.
Further information on the terms of the loan financing
The loan financing is structured as follows:
CS MEDICA will receive loan financing of approximately 6 MDKK, with a commitment fee of five (5) per cent and a monthly interest rate of 1.25 per cent. The loan shall be repaid at the latest on November 30, 2022.
This information is information that CS MEDICA A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on May 31, 2022, at 11:14 CET.
For more information about CS MEDICA, please contact:
Lone Henriksen, CEO
Phone: + (45) 71 20 30 47
Email: lh@galaxapharma.com
Website: https://www.cs-medica.com/
CS MEDICA A/S is a Danish medico cannabis company founded in 2011. CS MEDICA is committed to developing, manufacturing, and commercializing over-the-counter (OTC) medical device products containing cannabinoids. The Company runs its business through the two fully-owned subsidiaries, Galaxa Pharma A/S (distributor and representative of foreign manufacturers in the Nordic, registered medical device product distributor) and CanNordic A/S (Medical device developer and seller (BtB), registered medical device product manufacturer). CS MEDICA distributes products across the European borders and is headquartered in Copenhagen, Denmark.