INTERNATIONAL STEM CELL CORPORATION (OTCMKTS:ISCO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement. |
On March 20, 2017, to obtain funding for working capital purposes
and to refinance the indebtedness incurred on January 12, 2017,
International Stem Cell Corporation (the Company) issued an
unsecured, non-convertible promissory note in the principal
amount of $1,300,000 (the Note) to Dr. Andrey Semechkin in return
for Dr. Semechkin (i) surrendering the note issued to him by the
Company on January 12, 2017 in the principal amount of $600,000
and (ii) providing an additional $700,000 of funds to the
Company. Dr. Semechkin is the Companys Co-Chairman and Chief
Executive Officer.
The principal amount under the Note accrues interest at a rate of
Three and One Half of One Percent (3.50%) per annum. The Note is
due and payable September 1, 2017, 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.
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Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit Number |
Description |
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10.1 |
Form of Note issued on March 20, 2017 |
(s)
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. INTERNATIONAL STEM CELL CORPORATION (OTCMKTS:ISCO) Recent Trading Information
INTERNATIONAL STEM CELL CORPORATION (OTCMKTS:ISCO) closed its last trading session up +0.15 at 1.75 with 17,505 shares trading hands.