Endonovo Therapeutics (OTC:ENDV) said this week that it inked a $5 million deal with an anonymous strategic investor aimed at retiring its convertible debt, launching pre-clinical studies of its Immunotronics platform and uplisting its shares.
The Los Angeles-based company, which is developing technology it calls “Immunotronics” to stimulate liver regeneration and treat inflammatory conditions, said it plans to use the proceeds in part to buy back some $2.2 million worth of convertible debt. Its backer is the same entity that’s the lead investor in a previously announced financing worth $10 million, Endonovo said.
The latest $5 million fund is also slated for the development of Immunotronics treatments for vascular conditions, the company said.
“We are very excited to work with a strategic investor, who recognizes the value of the company and the significant potential of our non-invasive technology in the treatment of several very large unmet clinical needs,” chairman & CEO Alan Collier said in prepared remarks. “It is very important that we buy back all outstanding convertible notes in order to prevent dilution and preserve shareholder value. We believe that our stock is considerably undervalued.
“This round of financing allows us to fund our the development of portfolio of treatments targeting vascular diseases and ischemic injuries and strengthens our financial position to uplist our common stock onto a national stock exchange in the first half of next year,” Collier said.