CBLI - Cleveland BioLabs secures $90M in debt and equity financing

Cytocom (CBLI -11.4%) announced agreements that could potentially add $90M in committed capital to the company in the form of debt and equity. The financing includes an equity commitment of $75M from GEM Global Yield LLC SCS as a Share Subscription Facility. Cytocom will draw the first $15M of the equity infusion within the first 30 days from the closing of its merger with Cleveland BioLabs. Cytocom will also receive $17M in the form of debt and financing from Avenue Capital and Adit Ventures on a draw schedule. The company expects to use the proceeds for a range of operational and growth initiatives including the advancement of its internal pipeline. Previously, Cleveland BioLabs filed a Form S-4 with the SEC related to its merger with Cytocom, which was expected to close in Q2 2021.

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Cleveland BioLabs secures $90M in debt and equity financing