Dance Biopharm announces completion of $9.5 million convertible note and warrants financing

Feb 19 2015

Dance Biopharm Inc. (Dance), a privately-held biotechnology company focused on the development of inhaled insulin products to treat diabetes, today announced the completion of a $9.5 million convertible note and warrants financing. SternAegis Ventures, through Aegis Capital Corp., acted as the exclusive placement agent for this offering. Participants in the financing include a syndicate of individual and institutional investors, the majority of whom are focused on the biotechnology and healthcare sectors. The proceeds of the private placement will be used principally to fund human clinical studies, manufacture drug and devices for clinical studies, and for working capital and general corporate purposes.

"This additional capital is important as we continue to prepare for more clinical trials for Dance 501, our inhaled insulin product candidate for diabetes, and we are delighted to have had SternAegis Ventures enable this successful and efficient financing," stated Dr. John Patton, chairman and chief executive officer of Dance.