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Medgenics Inc

  • BY: Andrew Hore |
  • POSTED: 20/08/2009 |

Medgenics Inc has raised $520,000 from a convertible debenture issue.

Medgenics directors have subscribed $295,000 of the total. The debentures have an interest charge of 10% a year but this could increase in the event of any default. The maximum interest charge could be 18%.

The debentures will be converted into shares plus warrants if the company floats in the US or merges with another company.

Medgenics had just over $1m in cash at the end of 2008. There was also $53,000 in borrowings.

Israel-based Medgenics Inc is a biopharmaceutical company, which has developed a technology that could replace regular injections as a treatment for various ailments. The first product is called EPODURE, because it produces EPO (erythro-protein) to treat anaemia.

Medgenics says that it expects to make announcements in the next few weeks about results from the phase I/II clinical study of EPODURE in treating renal anaemia and strategic partners.

At 4.625p a share, Medgenics is valued at £5.67m.

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