Valeo Pharma closes $4.5M financing
by CM staff
The company closed a non-brokered private placement offering of 13,999,997 units of the company at a price of $0.28 per unit.
MONTREAL — Valeo Pharma Inc., a Canadian pharmaceutical company, announced the closing of a $4.5 million financing. The company closed a non-brokered private placement offering of 13,999,997 units of the company at a price of $0.28 per unit for gross proceeds of $3.92 million, including the participation of Investissement Québec for $2.0 million and $1.421 million from insiders.
“We greatly appreciate the support of Investissement Québec and our Insiders in leading this capital financing thereby continuing to demonstrate their confidence in our business plan and our growth performance”, said Steve Saviuk, CEO. “This financing will strengthen our working capital position and enable us to support the market share gains of our core products in our key therapeutic areas.”
In addition, the company secured a loan agreement with a related party for a principal amount of $580,000 bearing annual interest at a rate of 12 per cent.
“We are pleased to support Valeo Pharma in their growth strategy,” stated Guy LeBlanc, President and CEO of Investissement Québec. “The life sciences industry is a key sector of our economy and we will keep supporting and assisting our entrepreneurs in achieving their goals, both in Québec and around the world.”
