CURE Pharmaceutical Holdings, a manufacturer of the developer of advanced delivery formulations for supplements, wellness products, and drugs, announced that it has received $4 million as the first share from a promised financing of $10 million, after actual issue discounts, through the issuance of short term debt. Axiom Capital Management was the sole placement agent in the complete transaction.
CURE might repay the debt in cash only or it may be converted upon the election of the investor at $1.32 per share fixed price in accordance with certain adjustments.
Rob Davidson, CEO of CURE confirmed that the financing will help the company achieve various goals and create a foundation for making 2021 a breakout year for the organization. He affirmed that the company has started implementing the steps required to drive growth in two important areas including evolving its clinical pharmaceutical pipeline, chiefly the enterprise’s lead clinical development program for CUREfilm Blue™ and boosting the expansion in sales of recently acquired Sera Labs.
The securities sold in the transaction are not registered under the Securities Act of 1933, or any state or other valid jurisdiction's securities laws, and cannot be sold or offered in the US absent registration or any valid exemption from the registration needs of the Securities Act and appropriate state or other jurisdictions' securities laws. Reports state that the company has decided to file a registration record with the US Securities and Exchange Commission, recording the resale of the tranches of mutual stock issuable upon short term debts.
CURE Pharmaceutical® is a leading developer of CUREform™ which is a patent drug distribution platform that provides various unique controlled-release and immediate-release drug delivery technologies designed to improve drug safety, efficiency, and patient experience for a broad spectrum of active ingredients. CURE's delivery technologies include an advanced oral thin film - CUREfilm®, an emulsion technology that can be combined into diverse dosage forms - CUREdrops™, and more.