Rezolute Inc. enters $10M purchase agreement

LOUISVILLE — Rezolute Inc., the company formerly known as Antriabio, has entered a purchase agreement with Lincoln Park Capital Fund for the Illinois-based firm to purchase up to $10 million worth of Rezolute’s common stock.

The agreement puts the stock price at one-tenth of a cent per share to be purchased over a three-year term.

Under the terms, Rezolute has the right, but not the obligation, to sell to Lincoln Park for which the firm would be obligated to buy. Lincoln Park has no right to require any sales by the company.

As long as the closing price of Rezolute’s common stock exceeds 40 cents per share, then it may direct Lincoln Park to purchase up to 65,000 share of stock on any business day.

As a commitment fee for entering into the purchase agreement, Rezolute has agreed to issue to Lincoln Park 344,669 common stock and will not receive any cash proceeds from these commitment shares.

Rezolute specializes in developing drug therapies for metabolic and orphan diseases, that is, diseases that are rare or prevalent in developing countries and have few pharmaceutical treatments.

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