Inspyr Therapeutics Signs Commitment Letter with Milost Global
Commitment of up to $100 Million in Common Equity and Convertible Notes
WESTLAKE VILLAGE, Calif., March 28, 2017 (GLOBE NEWSWIRE) -- Inspyr Therapeutics (OTCQB:NSPXD), a clinical-stage biotechnology company developing a novel prodrug therapeutic for the treatment of cancer, announced today that the Company has signed a commitment letter with Milost Global Inc., a U.S. private equity firm, agreeing to terms for a commitment of up to $100 million in total proceeds. The agreement includes an investment from Milost of up to $25 million in common stock priced at a premium to the current share price and up to $75 million in convertible notes.
Proceeds will be used to advance Inspyr’s clinical development plans and provide for working capital needs. The Company’s entry into the Milost Equity Subscription Agreement Financing Facility (MESA) and the initial tranche of funding is subject to required approvals, final documentation, and customary closing conditions.
“We are pleased to have reached an agreement on the key investment terms, the first step in securing a solid foundation of capital for Inspyr for the next several years,” said Peter Grebow, Ph.D., Chairman of Inspyr Therapeutics.
“We are pleased to be a financial partner to Inspyr and look forward to closing the transaction promptly,” said Egerton Forster, Milost Global Inc. Co-founder and CEO.
About Milost Global Inc.
Milost Global Inc. is a private equity firm that specializes in providing alternative capital, acquisition capital, mezzanine finance and alternative lending to a broad range of industries across the globe including technology, transportation, cannabis, education, distribution, mining, oil and gas, financial services, healthcare, pharmaceuticals and real estate.
About Inspyr Therapeutics
Inspyr Therapeutics, Inc. develops therapies for cancer using a novel technology platform that combines a powerful therapeutic (thapsigargin) with a patented prodrug delivery system that targets the release of drugs within solid tumors. Mipsagargin, its lead drug candidate, has been studied in a Phase 2 clinical trial in patients with Nexavar-refractory hepatocellular carcinoma (HCC) and has been granted Orphan Drug designation by the U.S. Food and Drug Administration (FDA) in this indication. For additional information on Inspyr Therapeutics, visit www.inspyrtx.com.
Cautionary Statement Regarding Forward-Looking Information
This communication may contain forward-looking statements. Investors are cautioned that statements in this document regarding potential applications of Inspyr's technologies or the future prospects of the company constitute forward-looking statements that involve risks and uncertainties, including, without limitation, risks inherent in the development and commercialization of potential products, uncertainty of clinical trial results or regulatory approvals or clearances, need for future capital, dependence upon collaborators and maintenance of our intellectual property rights and the acceptance of Inspyr’s proposed therapies by the health community. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties will be detailed from time to time in Inspyr's periodic reports filed with the Securities and Exchange Commission.
Inspyr Contact: Lisa Cali firstname.lastname@example.org 408-239-7503