CanBas Co., Ltd. announced that it has received ¥109.66 million in funding from Milestone Capital Management Co., Ltd.
December 02, 2013 at 09:30 am IST
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CanBas Co., Ltd. (TSE:4575) announced a private placement of 40 units at ¥2,617,500 per unit for gross proceeds of ¥104,700,000 on November 14, 2013. Each unit consists of first series unsecured convertible bonds and warrants. The bonds will bear fixed interest rate of 3% per annum and will be convertible at ¥1,047 per share. The round will include participation from a capital management company in Japan.
On December 2, 2013, CanBas Co., Ltd. closed the transaction. The company also issued 800 9th series warrants at ¥6,200 per warrant for gross proceeds of ¥4,960,000 bringing the total proceeds for the transaction to ¥109,660,000. The transaction includes participation from Milestone Capital Management Co., Ltd. The units warrant is exercisable into 100,000 shares of the company at ¥2,500 per warrant. The ninth round warrants issued as part of the transaction are exercisable until September 8, 2014. Each 9th series warrant is exercisable for 1,000 common shares at an exercise price of ¥1,047 per share. Plutus Consulting Co., Ltd. acted as a financial advisor to the company. The company incurred ¥6,500,000 for legal fees, price calculation of the bonds with warrants, and the share purchase warrants, ¥2,000,000 for trust bank expenses, ¥4,000,000 for registration expenses, and ¥1,000,000 for other expenses.
CanBas Co Ltd is a Japan-based company mainly engaged in drug development and research. The company is mainly engaged in the basic anticancer drug discovery research (including development of drug discovery concepts, selection of drug candidate compounds using methods based on these concept developments, simple animal studies, and collection and analysis of basic data on anticancer drug candidates that have entered development) and early clinical development (including preclinical studies prior to submission of applications to start clinical trials and the first part of clinical trials).