October 26, 2020
Bioneb Pvt (Bioneb) announced that it has signed an agreement with GEM Global Yield LLC SCS (“GEM“), the New York-based private alternative investment group to provide Bioneb up to GBP £ 220 million over a 36-month term.
Bioneb will use the funds to continue its research and development of its FDA-approved ultrasonic vibrating mesh drug delivery devices, medical formulations and FDA clinical trials. The company will also increase the manufacturing of the devices at the FDA-approved Vietnamese and Taipei facilities. Simultaneously there will be an increase in the production, distribution, and marketing of the formulations at the Netherlands, Canadian and Californian facilities.
The company will control the timing and maximum amount of drawdown under this facility and has no minimum drawdown obligation. The company will issue warrants to GEM to purchase up to nine point nine percent (9.9%) of the outstanding common stock of the company on a fully diluted basis. The warrants will have an exercise price per share equal to the pro-rata portion of GBP 300 Million valuation for the company. Bioneb Pvt will pay a fee equal to two percent (2%) of the size of capital commitment within a period of twelve months.
“This agreement with GEM helps to secure funding for continued growth and development of the company as we attempt to bring to market our breakthrough Covid suppressant formulation which is having remarkable results in suppressing and eliminating the Covid Virus if used in the early stages of any infection. The proven results, case studies, time-kill graphs, and curves show that Bioneb’s patent-pending anti-viral formulation eliminates any virus and bacteria when inhaled with the drug delivery device or disbursed into built in environments such as schools, offices or mass transport systems using the same technology in a sub-micron diffuser distribution unit,” stated Mr. Nick Havercroft, CEO, and Founder of Bioneb Pvt.