Curated News
By: NewsRamp Editorial Staff
August 22, 2024
Scinai Immunotherapeutics Closes Loan Restructuring Agreement with European Investment Bank
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Discuss on SubstackTLDR
- Scinai Immunotherapeutics (NASDAQ: SCNI) closed a loan restructuring agreement, gaining a financial advantage.
- The agreement involved converting an amount owed to the European Investment Bank into preferred shares, with a maturity date of Dec. 31, 2031.
- The company's focus on developing inflammation and immunology biological products can contribute to improving healthcare and addressing unmet medical needs.
- Scinai Immunotherapeutics is a biopharmaceutical company with two complementary business units, offering diverse opportunities for innovation and growth.
Impact - Why it Matters
This news matters as it highlights a significant financial restructuring for Scinai Immunotherapeutics, impacting the company's outstanding loan amount and signaling a positive development for the company's financial stability and future growth.
Summary
Scinai Immunotherapeutics (NASDAQ: SCNI), a biopharmaceutical company, has closed on its previously announced loan restructuring agreement with the European Investment Bank (EIB).
The agreement includes the conversion of approximately EUR 26.6 million owed by the company to the EIB into 1,000 preferred shares, with the total outstanding amount now at EUR 250,000.
Scinai Immunotherapeutics has two business units focused on I&I biological products and CDMO services, and the latest news and updates relating to SCNI are available in the company’s newsroom.
Source Statement
This curated news summary relied on this press release disributed by InvestorBrandNetwork (IBN). Read the source press release here, Scinai Immunotherapeutics Closes Loan Restructuring Agreement with European Investment Bank
