Spectral Medical Announces Non-Dilutive Financing of Up to $10 Million with Vantive
Non-Dilutive Financing
• Up to US$10 Million Promissory Note Provided by Vantive
• If Fully Drawn, Promissory Note is Expected to Fully Fund Spectral to PMX Commercialization
• Company to host Corporate Update Call on May 15, 2025
TORONTO, May 07, 2025 (GLOBE NEWSWIRE) -- Spectral Medical Inc. (“Spectral” or the “Company”) (TSX: EDT), a late-stage theranostic company advancing therapeutic options for sepsis and septic shock, today announced that it has entered into a senior secured promissory note (the “Agreement”) with Vantive US Healthcare LLC (“Vantive”), in the aggregate principal amount of up to US$10 million.
Under the terms of the Agreement, Vantive may advance funds to Spectral in up to four separate tranches to support Spectral’s continued evidence generation strategy and path to commercialization of Toraymyxin™ (“PMX”). PMX is a blood filtration therapy that removes endotoxin, associated with sepsis, from the bloodstream.
The first tranche of US$4 million payable to Spectral was triggered on May 6, 2025 upon the execution of the Agreement. The milestones for the further three tranches are outlined in the Agreement as filed on SEDAR+.
The primary terms of the Promissory Note are:
- 4-year maturity
- Payment-in-Kind (“PIK”) interest at an annual rate of 9%
- Principal balance and PIK interest to be repaid at maturity
- The Promissory Note is not convertible into any securities of the Company
Spectral does not anticipate requiring any additional funding to meet its upcoming key milestones, including release of topline results, U.S. FDA submission, and through to PMX commercialization.
“We are grateful to have such a committed partner in Vantive as we continue to advance PMX through the regulatory phase and, if ultimately approved, into commercialization,” said Chris Seto, CEO of Spectral. “Not only does this promissory note provide us with non-dilutive funding on Company-friendly terms, it also highlights the strength, confidence and alignment between Spectral and Vantive.”
Paradigm Capital Inc. acted as financial advisor to Spectral in connection with this transaction.
A copy of the Agreement will be filed under Spectral’s profile on SEDAR+ at www.sedarplus.ca.
Spectral Medical Tigris Trial and Corporate Update Call
Chris Seto, Chief Executive Officer, and Dr. John Kellum, Chief Medical Officer, will host the call followed by a question-and-answer session. All interested parties are invited to participate.
CONFERENCE CALL DETAILS:
Date: Thursday May 15, 2025
Time: 11:00 a.m. ET
Dial-in: 1-877-407-0792 or 1-201-689-8263
Call meTM: https://callme.viavid.com/viavid/?callme=true&passcode=13744665&h=true&info=company&r=true&B=6
Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me link for instant telephone access to the event. *Available 15 minutes prior to scheduled start time.
Replay Dial-in: 1-844-512-2921 or 1-412-317-6671
Available May 15, 2025, 3:00 p.m. ET, until May 29, 2025, 11:59 p.m. ET
Conference ID: 13753414 |
