Stephen Hicks, Chairman and CEO, of Southridge LLC ("Southridge"), and Patrick S. Smith, President and Chief Executive Officer of Curaxis Pharmaceutical Corp (CURX.OB) at www.curaxispharma.com, jointly announced a $25 million equity purchase agreement with Southridge Partners II, an institutional investor.
"We are excited to be Curaxis' Equity Investor in this new phase of the Company's development. Southridge is committed to working with Curaxis in this vital research toward an Alzheimer's disease treatment," said Mr. Hicks.
Pursuant to a purchase agreement, the Company has the right, at its discretion, to sell to Southridge up to $25 million of its common stock from time to time over a thirty-six month period. Curaxis will have the right, but is not obligated to, sell stock to Southridge depending on certain conditions as set forth in the purchase agreement.
"We are pleased to have secured this equity agreement with Southridge, a forward thinking institutional investor which provides future flexibility in capital raising and are thrilled to have the continued support of Southridge," said Patrick Smith. "We plan to use proceeds, as needed from the agreement, to support our upcoming Phase IIb trial in women of our Alzheimer's disease candidate, Memryte.
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