Loan & DebtMay 27, 2026, 04:47 PM
Medicus Pharma Secures $22.86M in Secured Promissory Notes
AI Summary
Medicus Pharma Ltd. entered into a note purchase agreement with Streeterville Capital, LLC, securing $22.86 million in financing. This involved issuing a Secured Promissory Note A-1 for $12,864,225 and a Secured Promissory Note B for $10,000,000. The company received $12 million upfront for the A-1 Note, while $10 million for the B Note was deposited into a subsidiary's account. Proceeds will be used for clinical development programs, strategic business development, general corporate purposes, and to repay approximately $2.5 million of existing debt.
Key Highlights
- Medicus Pharma secured $22.86 million in financing through two secured promissory notes.
- Issued Secured Promissory Note A-1 for $12,864,225 principal with an 8.75% interest rate.
- Issued Secured Promissory Note B for $10,000,000 principal with a 5% interest rate.
- Received $12 million cash for A-1 Note; $10 million for B Note deposited into a subsidiary's account.
- Approximately $2.5 million of proceeds were used to repay an outstanding debenture.
- Both notes mature in 18 months and are subject to prepayment premiums.
- Maxim Group LLC received a $600,000 cash fee for the A-1 Note placement.
Price Impact
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