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Tm Biosciences Pockets $9M Through Convertible Note Sale

NEW YORK, Nov. 23 (GenomeWeb News) - Toronto-based Tm Biosciences has pocketed $9 million through the sale of a convertible note to Laurus Master Fund, the company said today.

 

Laurus has also been issued a warrant to buy approximately 740,000 common shares in Tm at a price of $2.61. The warrant expires in 2010.

 

Jim Pelot, TM's chief financial officer, said the transaction allows the company to "retire its existing debt ensuring that [it has] suitable working capital" to grow its business.

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