CS MEDICA A/S secures 6 MDKK in loan financing to maintain momentum
CS MEDICA A/S (“CS MEDICA” or the “Company”) today announces that it has secured loan financing of a total of approximately 6 MDKK from Bizcap AB, Gerhard Dal, and Råsunda Förvaltning AB.
Motivation for the loan financing
Following the continued progress of moving from an R&D-centric company to a sales-focused company, with several new recruitments and expansion on a range of sales platforms and international markets, CS MEDICA is experiencing an increased interest in its products. In addition, CS MEDICA will initiate an FDA process with the goal to be operational in the US and Canada by H2, 2023/2024. However, the increased interest has caused delays in finalizing the agreements which have postponed the previously planned revenues.
To facilitate the expansion and maintain momentum, the Company has entered into loan financing agreements with Bizcap AB, Gerhard Dal, and Råsunda Förvaltning AB. This financing will enable CS MEDICA to pursue additional collaboration negotiations and enter into more agreements with international customers, thus maintaining its momentum and scaling the business on international markets.
Further information on the terms of the loan financing
The loan financing is structured as follows:
CS MEDICA will receive loan financing of approximately 6 MDKK, with a commitment fee of five (5) per cent and a monthly interest rate of 1.25 per cent. The loan shall be repaid at the latest on November 30, 2022.
For further information, please contact
Lone Henriksen, CEO
Tel: +45 7070 7337
This information is information that CS MEDICA A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on May 31, 2022, at 11:14 CET.
About CS MEDICA
CS MEDICA A/S is a Danish medical cannabis company founded in 2011. CS MEDICA is committed to developing, manufacturing, and commercializing over-the-counter (OTC) medical device products containing cannabinoids. The Company runs its business through the two fully-owned subsidiaries, Galaxa Pharma A/S (distributor and representative of foreign manufacturers in the Nordic, registered medical device product distributor) and CanNordic A/S (Medical device developer and seller (BtB), registered medical device product manufacturer). CS MEDICA distributes products across the European borders and is headquartered in Copenhagen, Denmark.