Cordlife, CRC extend partnership through $8.4m deal

It will purchase shares, subscribe for redeemable notes.

Cordlife is extending its alliance with CellResearch Corporation (CRC) through an $8.4m investment funded by internal resources.

According to Cordlife’s media release, the company will subscribe for a Class A redeemable convertible note maturing three years from the issue date in the principal amount of $4.2m from CRC. The yielding interest is at a rate of three month SIBOR on top of 7% per annum payable annually in arrears.

The proceeds from this will be used primarily to speed up the clinical development of the advanced wound healing technology. This will improve the value proposition of Cordlife’s UCL banking service in existing markets.

Also, Cordlife will purchase 4,167,858 ordinary shares in CRC for $4.2m. It will have an adjustment mechanism for Cordlife to either nab additional ordinary CRC shares for $1 or sell the 4,167,858 ordinary shares back at the original $4.2m plus 7% of $4.2m compounded over 3 years if a net profit target is not met for the year ending 31 December 2018.

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