INTERNATIONAL STEM CELL CORPORATION (OTCMKTS:ISCO) Files An 8-K Entry into a Material Definitive Agreement

INTERNATIONAL STEM CELL CORPORATION (OTCMKTS:ISCO) Files An 8-K Entry into a Material Definitive Agreement
Item 9.01

Entry into a Material Definitive Agreement.

On May 14, 2018, to obtain funding for working capital purposes International Stem Cell Corporation (the “Company”) issued an unsecured, non-convertible promissory note in the principal amount of $800,000 (the “Note”) to Dr. Andrey Semechkin (the “Noteholder”). On March 6, 2018 the Noteholder was issued a Promissory Note in the principal amount of $500,000 by the Company (“Original Note”).On May 14, 2018 the Noteholder provided additional $300,000 of funds to the Company and surrendered the Original Note, in return for this Note. Dr.Semechkin is the Company’s Co-Chairman and Chief Executive Officer.

The outstanding principal amount under the Note accrues interest at a rate of four Percent (4%) per annum.The Note is due and payable November 1, 2018, but may be pre-paid by the Company without penalty at any time.

The foregoing summary of the Note is qualified in its entirety by reference to the full text of the form of Note filed as Exhibit 10.1 to this Current Report on Form 8-K.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

Exhibit

Number

Description

10.1

Form of Note issued on May 14, 2018

(s)


International Stem Cell CORP Exhibit
EX-10.1 2 isco-ex101_7.htm EX-10.1 isco-ex101_7.htm   Exhibit 10.1   INTERNATIONAL STEM CELL CORPORATION PROMISSORY NOTE   FOR VALUE RECEIVED,…
To view the full exhibit click here

About INTERNATIONAL STEM CELL CORPORATION (OTCMKTS:ISCO)

International Stem Cell Corporation (ISCO) is a biotechnology company. The Company is focused on therapeutic and biomedical product development. The Company’s segments include Therapeutic Market, Cosmetic Market and Biomedical Market. The Company’s subsidiaries include International Stem Cell Corporation, a research and development company, for the Therapeutic Market for clinical applications of human parthenogenetic stem cells (hpSCs) for the treatment of various diseases, such as Parkinson’s disease, liver diseases and corneal blindness; Cyto Therapeutics, PTY LTD, a research and development company, for the Therapeutic Market; Lifeline Skin Care, Inc. for the Cosmetic Market, which develops, manufactures and markets a category of cosmetic skin care products based on biotechnology with human stem cells, and Lifeline Cell Technology, LLC for the Biomedical Market, which develops, manufactures and commercializes primary human cell research products.

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