TSXV:BTI.H - Post by User
Comment by
prophetoffactzon Jan 16, 2023 1:31pm
102 Views
Post# 35226039
RE:Forcing Bioasis to Answer
RE:Forcing Bioasis to Answer"My understanding is that when asked the question, GD's response is that "There is no Plan B.""
I don't know what's been said but based on the company's public information it has looked to me like the Midatech deal was 'Plan B'. 'Plan A' was the Cresence deal to transform BTI into a clinical stage company and get on NASDAQ. This was supported by the Neuamedy and J&J announcements. All of this may have been enough in a normal market but we've been in a historically bad market for biotech. The market didn't bite and create financial options. Then BTI didn't make its debt payments...
"In July 2022, Lind Partners provided the Company a three-month repayment holiday under the provisions of the convertible security funding agreement. The parties agreed that the next repayment due would be the payment due at the end of September 2022. As of the date of this filing, the Company has not made the September 2022 payment. The Company is in discussions with Lind to modify the agreement, add additional repayment holidays, and lend the Company additional funds, in return for modified repayment terms. As of the date of this filing the modification to the convertible security funding agreement has not been finalized." MD&A