FibroBiologics Secures $100 Million Capital Commitment from GEM as Company Seeks to Go Public
PR93088
HOUSTON, Nov. 17, 2021 /PRNewswire=KYODO JBN/ --
-- The Company plans to go public via SPAC, reverse merger, or a direct listing
FibroBiologics, a clinical stage company developing fibroblast-based
therapeutic cures for chronic diseases, announced today that it has signed an
agreement with GEM Global Yield LLC SCS (GEM), a private investment group, with
offices in New York and Paris, to provide FibroBiologics with up to $100
million USD over a 36-month term following a public listing of FibroBiologics
common stock. FibroBiologics will control the timing and maximum amount of the
drawdown under this facility and has no minimum drawdown obligation.
FibroBiologics will issue warrants to GEM to purchase, for a period of three
years after a public listing of FibroBiologics common stock, up to 4% of the
total equity interests of FibroBiologics. The funds will be used to continue
development of its fibroblast-based cell therapy platform.
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"This Agreement with GEM helps secure additional funding to further develop
cell therapy cures in Multiple Sclerosis, Degenerative Disc Disease and Cancer
using fibroblast cells," stated Pete O'Heeron, CEO and Chairman of
FibroBiologics. "This Agreement provides for a strong balance sheet upon public
listing and positions FibroBiologics for the next stage of commercial
development to deliver life-changing abatement for patients with incurable
chronic diseases."
About FibroBiologics
Based in Houston, Texas, FibroBiologics is a regenerative medicine company
developing an innovative solution for chronic disease treatment using
fibroblast cells. Currently, FibroBiologics holds 150+ U.S. and International
issued patents/patents pending across a variety of clinical pathways, including
Disc Degeneration, Orthopedics, Multiple Sclerosis, and Cancer. FibroBiologics
represents the next generation of medical advancement in cell therapy. Visit
www.FibroBiologics.com
About GEM
Global Emerging Markets ("GEM") is a $3.4 billion, alternative investment group
with offices in Paris, New York and Nassau, Bahamas. GEM manages a diverse set
of investment vehicles focused on emerging markets and has completed over 480
transactions in 70 countries. Each investment vehicle has a different degree of
operational control, risk-adjusted return, and liquidity profile. The family of
funds and investment vehicles provide GEM and its partners with exposure to:
Small-Mid Cap Management Buyouts, Private Investments in Public Equities and
select venture investments. For more information: http://www.gemny.com
Media Contact: info@fibrobiologics.com
SOURCE: FibroBiologics
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