GenoMed announces €17m Swiss funding
GenoMed Inc, a disease management company that uses its expertise in genomics to improve patient outcomes, today announced that it has secured up to $21m (€17m) in financing within a 12-month period from Pierpoint Investissements SA, a Swiss-based venture capital group.
GenoMed and Pierpoint have amended their earlier agreement dated March 2, 2004. In the earlier agreement, Pierpoint could exercise 35 million warrants over a five-year period once GenoMed's share price reached $1 (€0.80).
Under the new agreement, Pierpoint can exercise all 35 million warrants within a 12-month period.
The exercise of all 35 million warrants at a 40% discount to market price would bring at least $21m (€17m) into the company.
As an incentive to place all 35 million warrants within a year, Pierpoint would receive 80 million replacement warrants.
If Pierpoint can place only 20 million warrants within a year, they would receive 40 million replacement warrants.
These can then be exercised over a minimum of five years, as in the earlier agreement.
