MATEON ANNOUNCES $2 MILLION FINANCING WITH GOLDEN MOUNTAIN PARTNERS TO CONDUCT CLINICAL TRIAL OF OT-101 AGAINST COVID19
MATEON THERAPEUTICS (MATN)
Last mateon therapeutics earnings: 11/19 05:25 pm
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Source: GlobeNewswire
AGOURA HILLS, Calif., June 29, 2020 (GLOBE NEWSWIRE) -- Mateon Therapeutics, Inc. (“Mateon” or the “Company”) (OTCQB:MATN) announces it has secured a $2 million in debt financing with Golden Mountain Partners (GMP) for the conduct of a clinical trial evaluating OT-101 against COVID-19. This is a 1-year convertible note with 2% annual interest, personally guaranteed by Dr. Vuong Trieu, the Chief Executive Officer of Mateon. The note is convertible at the 1 year anniversary of the note, at the common stock price of the Company on conversion with no discount. GMP does not have the option to convert prior to the 1-year anniversary. Such financing will be utilized solely to fund the clinical trial. “GMP and Mateon are working tirelessly to ensure that OT-101 and Artemisinin prove to be safe and efficacious for patients with COVID-19. In aggregate and till date, GMP has invested $1.2M in non-dilutive funding in this project through their prior agreements with Mateon. ” said Amit Shah, CF
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