Today before the opening bell, International Stem Cell
announced that it has entered into a purchase agreement with Lincoln Park
Capital Fund, LLC (“LPC”), a Chicago-based institutional investor, which has
agreed to invest up to $10.25 million of the company’s common stock over a
36-month term.
“We are pleased to have this new financing arrangement in
place with Lincoln Park Capital,” said Dr. Andrey Semechkin, CEO and
Co-Chairman. “The agreement gives us access to a significant new source of
funding, strengthens our balance sheet, and provides us the flexibility we have
been looking for at a low cost of capital.”
$250,000 of ISCO common stock will be purchased one business
day prior to ISCO’s filing of a registration statement covering the resale of
the shares that may be issued to LPC. Once the registration statement with the
U.S. Securities and Exchange Commission is deemed effective, International Stem
Cell Corp., at its sole discretion, has the right to sell to LPC up to an
additional $10.0 million of its common stock, subject to certain conditions.
ISCO has been given control over the timing and amount of
any future investment and LPC is obligated to make such purchases. There are no
upper limits to the price LPC may pay to purchase ISCO common stock and the
purchase price of the shares related to any future investments will be fixed
pursuant to a formula based upon the prevailing market prices of the company’s
shares at the time of sale to LPC. LPC has agreed not to cause or engage in any
manner whatsoever, any direct or indirect short selling or hedging of the
company’s shares of common stock. The agreement may be terminated by ISCO at
any time, at its sole discretion, without any cost or penalty.
A more detailed description of the purchase agreement is
available via the Form 8-K filed with the SEC on December 11, 2013.
For more information, visit www.internationalstemcell.com
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