NEW YORK, July 16 (GenomeWeb News) - GenoMed has amended its deal with venture capital group Pierpoint Investissements, allowing it to obtain up to $21 million in funding more quickly, the company said yesterday.
Under the original agreement from March, Pierpoint could exercise 35 million warrants over five years once GenoMed's share price reached $1. Now, Pierpoint can exercise these warrants within a 12-month period, which would result in up to $21 million for GenoMed.
If Pierpoint placed all 35 million warrants within a year, it would receive 80 million replacement warrants, but only 40 million if it placed just 20 million warrants.
Last week, GenoMed said it plans to be listed on the American Stock Exchange.