Avalon GloboCare Announces $20 Million Credit Facility Provided by Company Chairman
September 03 2019 - 8:00AM
Avalon GloboCare Corp. (NASDAQ: AVCO), a leading clinical-stage
global developer of cell-based technologies and therapeutics, today
announced it has secured a $20 million credit facility provided by
the Company’s Chairman, Daniel Lu. The unsecured credit
facility bears interest at a rate of 5% and provides for maturity
on drawn loans 36 months after funding. The note is not convertible
to equity. The credit facility will be used to accelerate the
Company’s ongoing research and development programs, clinical
studies, as well as commercial strategies.
“Avalon is at an exciting inflection point and advancing our
R&D, clinical and commercial activities. This funding
provides us capital to execute a number of our clinical activities
and milestones related to our ongoing cellular immunotherapy,
regenerative medicine, as well as exosome-based programs.
Last month, we initiated our first-in-human clinical trial of CAR-T
candidate, AVA-001, in China. Concurrently, other immune
effector cell therapy candidates are actively undergoing
pre-clinical development and validation, with anticipation of more
first-in-human clinical studies initiated in year 2020 and beyond.
In addition, we are in the planning phase to launch commercial
products that leverage our advanced, clinical-grade exosome
platform (ACTEX™). We are grateful for our Chairman’s continued
support and his confidence in the commercial outlook for the
business. This credit facility is at very favorable terms to
the Company and helps us avoid unnecessary equity dilution as we
continue to execute on key milestones that rapidly move along
clinical and commercialization paths,” stated David Jin, M.D.,
Ph.D., President and Chief Executive Officer of Avalon
GloboCare.
About Avalon GloboCare Corp.
Avalon GloboCare Corp. (NASDAQ: AVCO) is a clinical-stage,
leading CellTech bio-developer dedicated to advancing and
empowering innovative, transformative exosome technologies and
cellular therapeutics. Avalon also provides strategic advisory and
outsourcing services to facilitate and enhance its clients' growth,
development, as well as competitiveness in healthcare and CellTech
industry markets. Through its subsidiary structure with
unique integration of verticals from innovative R&D to
automated bioproduction and accelerated clinical development,
Avalon is establishing a leading role in the fields of in vitro
diagnostics (''liquid biopsy''), immune effector cell therapy
(including CAR-T/CAR-NK), and regenerative therapeutics. For more
information about Avalon GloboCare, please visit
www.avalon-globocare.com.
Forward-Looking Statements Certain statements
contained in this press release may constitute "forward-looking
statements." Forward-looking statements provide current
expectations of future events based on certain assumptions and
include any statement that does not directly relate to any
historical or current fact. Actual results may differ materially
from those indicated by such forward-looking statements as a result
of various important factors as disclosed in our filings with the
Securities and Exchange Commission located at their website
(http://www.sec.gov). In addition to these factors, actual future
performance, outcomes, and results may differ materially because of
more general factors including (without limitation) general
industry and market conditions and growth rates, economic
conditions, and governmental and public policy changes. The
forward-looking statements included in this press release represent
the Company's views as of the date of this press release and these
views could change. However, while the Company may elect to update
these forward-looking statements at some point in the future, the
Company specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company's views as of any date subsequent to the
date of the press release.
Contact Information: Avalon GloboCare Corp.4400
Route 9, Suite 3100Freehold, NJ
07728PR@Avalon-GloboCare.com
Investor Relations:Crescendo Communications,
LLCTel: (212) 671-1020 Ext. 304avco@crescendo-ir.com
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