PARIS & BOSTON--(BUSINESS WIRE)--Regulatory News:
Mauna Kea Technologies (Paris:MKEA) (OTCQX:MKEAY) inventor of Cellvizio®, the multidisciplinary probe-based and needle-based confocal laser endomicroscopy (pCLE/nCLE) platform, announced it has obtained confirmation from the EIB of its consent to disburse the second tranche of their €22.5 million loan for an amount of €6m with revised terms.
The original loan agreement was signed in July 2019 and included an initial tranche of €11.5 million. The agreement also includes the ability to access a third tranche of €5 million at a later date subject to the achievement of certain milestones. The drawdown of the second tranche of the loan agreement is subject to completing the legal documents, including additional security documents, and is supplemented by an agreement to issue 500,000 share warrants to the EIB, representing approximately 1.6% of the current share capital outstanding. This tranche will bear an annual interest of 3% and a 4% capitalized interest payable in 5 years with the principal.
“We are very pleased to announce the approval to access the second tranche of our financing agreement with the European Investment Bank,” said Robert L. Gershon, Chief Executive Officer of Mauna Kea Technologies. “The EIB has been an important financial partner for Mauna Kea since June 2019 and their continued support reflects their belief that Mauna Kea’s focus on strong innovation and development of unique medical device technologies to improve outcomes for patients is aligned with the key objectives of the EFSI, also formerly called "Juncker Plan." Accessing the next €6 million of our loan agreement will improve our financial visibility and will support the execution of our strategic growth initiatives.”
About Mauna Kea Technologies
Mauna Kea Technologies is a global medical device company focused on eliminating uncertainties related to the diagnosis and treatment of cancer and other diseases thanks to real time in vivo microscopic visualization. The Company’s flagship product, Cellvizio®, has received clearance/approval in a wide range of applications in more than 40 countries, including the United States, Europe, Japan, China, and Mexico. For more information on Mauna Kea Technologies, visit www.maunakeatech.com
This press release contains forward-looking statements concerning Mauna Kea Technologies and its activities. Such forward looking statements are based on assumptions that Mauna Kea Technologies considers to be reasonable. However, there can be no assurance that the anticipated events contained in such forward-looking statements will occur. Forward- looking statements are subject to numerous risks and uncertainties including the risks set forth in the registration document of Mauna Kea Technologies registered by the French Financial Markets Authority (Autorité des marchés financiers (AMF)) on July 12, 2019 under number D.19-0683 and available on the Company's website (www.maunakeatech.com), and to the development of economic situation, financial markets, and the markets in which Mauna Kea Technologies operates. The forward-looking statements contained in this release are also subject to risks unknown to Mauna Kea Technologies or that Mauna Kea Technologies does not consider material at this time. The realization of all or part of these risks could lead to actual results, financial conditions, performances or achievements by Mauna Kea Technologies that differ significantly from the results, financial conditions, performances or achievements expressed in such forward-looking statements. This press release and the information it contains do not constitute an offer to sell or to subscribe for, or a solicitation of an order to purchase or subscribe for, Mauna Kea Technologies shares in any country.
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