iX Biopharma converts US$1.2 million debt to shares to preserve cash for US expansion
Company has US$41 million contract from US government to fund its patented pain management drug
iX Biopharma, the Singapore-listed pharmaceutical company, has converted US$1.2 million in debt to shares to preserve cash for expansion in the United States. The move, made in agreement with Australian businessman Vincent Lee, involves issuing nearly 2.7 million new shares at a price of S$0.5627 each. This share issue, which represents an increase in Lee's stake from 0.19% to 0.44% of the company's issued share capital, aims to bolster the firm's financial position and support its growth initiatives in the US.
The company recently secured a US$41 million contract from the US government to develop its patented sublingual ketamine wafer for treating acute moderate to severe pain. Additionally, iX Biopharma is strengthening its presence in the US pharmacy market by relocating manufacturing equipment from Australia.
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