Glucotrack has entered into definitive agreements for approximately $5.5 million in financing from institutional investors. The deal consists of a $2 million equity financing and a $3.5 million follow-on investment in the form of convertible debt.
The equity portion is priced at $0.75 per unit. Each unit includes one share of Glucotrack common stock, or an equivalent security, and one five-year warrant.
The warrants have an exercise price of $1.50 per share.
Glucotrack said the financing will strengthen its balance sheet and provide additional capital to execute its growth strategy.
E.F. Hutton served as exclusive advisor to Lōkahi Therapeutics, a Glucotrack subsidiary, in connection with the transaction.
Glucotrack operates Lōkahi and, through Glucotrack Technologies, is developing technologies for people with diabetes.
Its pipeline includes a long-term implantable continuous blood glucose monitoring system. The Glucotrack continuous blood glucose monitor remains an investigational device.
Lōkahi Therapeutics operates a biopharmaceutical platform focused on identifying, acquiring and advancing overlooked therapeutic assets through its ai² platform and ai² Futures Lab model.
KEY QUOTE:
“This financing strengthens our balance sheet, provides additional growth capital and reflects confidence in our long-term strategy. We believe it positions us well as we continue executing across our portfolio of opportunities.”
Erik Emerson, CEO of Glucotrack
