Enzymatica AB: Enzymatica secures funding for operations
June 7, 2018
Enzymatica secures funding for operations
Enzymatica has received a bridge loan of total SEK 30 million from three of its principle owners to fund the business for 2018. At the same time, the Board of Directors is working with financial advisers to ensure the long-term financing of the company's international expansion.
As Enzymatica stated in its Q1 report, the Board of Directors and the management have planned to secure funding to meet the company's needs. Since there is now a need to strengthen liquidity and to raise working capital, three of the principal owners, Mats Andersson, Håkan Roos and Björn Algkvist, have granted a bridge loan of SEK 30 million to fund operations for the rest of 2018. The loan carries an annual interest rate of 6.95% plus a loan fee of 1.50%, which is considered to correspond to market-like conditions. The loan shall be repaid when the long-term financing has been secured, however, not later than December 20, 2018.
In addition to these added funds , there is an unutilized credit facility with a maximum amount of SEK 9.8 million via factoring in the parent company.
In addition to the bridge loan, the Board is working with financial advisers to financially ensure implementation of Enzymatica's international expansion plan.
"We are pleased to have strong long-term shareholders who are willing to put up capital at this stage of expansion, which the company is now undergoing. We will now have the breathing room we need to continue working on strengthening the documentation for ColdZyme, marketing the product and concluding international distributor agreements," says Fredrik Lindberg, CEO of Enzymatica.
The information in this press release is information that Enzymatica is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.30 a.m. CET on June 7 2018.
For more information, please contact:
Fredrik Lindberg, CEO, Enzymatica AB
Tel: +46 (0)708-86 53 70 | Email: email@example.com
About Enzymatica AB
Enzymatica AB is a Swedish life science company that develops and sells medical devices for infection-related diseases. The products are based on a barrier technology that includes marine enzymes. The company's first product is ColdZyme® Mouth Spray, which can prevent colds and reduce the duration of disease. The product has been launched in about ten markets. The strategy is to continue to grow by strengthening the Company's position in existing markets and expanding into new geographic markets through established partners. The company has its headquarters in Lund and is listed on Nasdaq First North. For more information, visit: www.enzymatica.com.
Enzymatica's certified advisor is Erik Penser Bank.För mer information, kontakta:
Fredrik Lindberg, VD Enzymatica AB
Tel: 0708-86 53 70 | E-post: firstname.lastname@example.org
Om Enzymatica AB
Enzymatica AB är ett life science-bolag som utvecklar och säljer medicintekniska produkter mot infektionsrelaterade sjukdomar. Produkterna är baserade på en barriärteknologi, som inkluderar marina enzymer. Bolagets första produkt är ColdZyme® Munspray som kan förhindra förkylning, och kan förkorta sjukdomsperioden. Produkten har lanserats på ett tiotal marknader. Strategin är att fortsätta växa genom att stärka positionen på befintliga marknader och expandera till fler geografiska marknader via etablerade partners. Bolaget har huvudkontor i Lund och är listat på Nasdaq First North. För mer information, besök: www.enzymatica.se.
Enzymaticas Certified Adviser är Erik Penser Bank.