Endonovo Therapeutics (OTC:ENDV) said today that it landed a $10 million funding agreement with an institutional investor.
The funding consists of $1 million in convertible notes, with $600,000 already received and $400,000 to be received upon SEC registration approval, and up to $9 million through a securities purchase agreement after 30 days from its SEC registration date. The company said it hopes to uplist to a national stock exchange during the 1st half of 2017.
The cash is slated to be used for pre-clinical studies and to fund corporate and general expenses. Endonovo said it’s preparing to conduct several pre-clinical studies of its Immunotronics technology in increasing liver regeneration and treating inflammatory conditions.
The Los Angeles-based company said it expects to initiate an evaluation of Immunotronics during the 1st quarter of 2017.
“We are excited about demonstrating the value of Pulsed Electromagnetic Fields beyond bone repair. There are several studies already showing the ability of electromagnetic fields to accelerate regeneration in the liver and our intent is to demonstrate Immunotronics’ safe, non-invasive and effective treatment for treating/preventing vital organ failure resulting from out of control inflammation,” chairman & CEO Alan Collier said in a press release. “Our technology has already shown great promise in regenerating bone not healing under normal conditions and the ability to reduce acute inflammation. We are now looking to expand this technology in the treatment of inflammatory conditions in vital organs beginning with the liver due to its unique ability to regenerate following injuries.”
Endonovo said it is “working in concert” with its financial advisor to restructure its existing convertible notes and uplist its common stock onto a national exchange, having extinguished $156,000 in convertible notes and restructured $355,750.
“We are nearing the completion of our convertible notes restructuring so we can position ourselves to uplist our common stock. We intend on uplisting our common stock onto a national stock exchange in order to provide our shareholders with increased value and liquidity as well as securing the funding needed to accelerate our platforms into the clinical stage,” Collier said.