FibroBiologics Secures $100 Million Capital Commitment from GEM as Company Seeks to Go Public
The Company plans to go public via SPAC, reverse merger, or a direct listing
HOUSTON, Nov. 16, 2021 /CNW/ -- FibroBiologics, a clinical stage company developing fibroblast-based therapeutic cures for chronic diseases, announced today that it has signed an agreement with GEM Global Yield LLC SCS (GEM), a private investment group, with offices in New York and Paris, to provide FibroBiologics with up to $100 million USD over a 36-month term following a public listing of FibroBiologics common stock. FibroBiologics will control the timing and maximum amount of the drawdown under this facility and has no minimum drawdown obligation. FibroBiologics will issue warrants to GEM to purchase, for a period of three years after a public listing of FibroBiologics common stock, up to 4% of the total equity interests of FibroBiologics. The funds will be used to continue development of its fibroblast-based cell therapy platform.
"This Agreement with GEM helps secure additional funding to further develop cell therapy cures in Multiple Sclerosis, Degenerative Disc Disease and Cancer using fibroblast cells," stated Pete O'Heeron, CEO and Chairman of FibroBiologics. "This Agreement provides for a strong balance sheet upon public listing and positions FibroBiologics for the next stage of commercial development to deliver life-changing abatement for patients with incurable chronic diseases."
About FibroBiologics
Based in Houston, Texas, FibroBiologics is a regenerative medicine company developing an innovative solution for chronic disease treatment using fibroblast cells. Currently, FibroBiologics holds 150+ U.S. and International issued patents/patents pending across a variety of clinical pathways, including Disc Degeneration, Orthopedics, Multiple Sclerosis, and Cancer. FibroBiologics represents the next generation of medical advancement in cell therapy. Visit www.FibroBiologics.com
About GEM
Global Emerging Markets ("GEM") is a $3.4 billion, alternative investment group with offices in Paris, New York and Nassau, Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 480 transactions in 70 countries. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile. The family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities and select venture investments. For more information: http://www.gemny.com
Media Contact: info@fibrobiologics.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/fibrobiologics-secures-100-million-capital-commitment-from-gem-as-company-seeks-to-go-public-301425290.html
SOURCE FibroBiologics
Released November 16, 2021