Proceeds for scaling up the company’s VELDONA and AI Nose growth initiatives
Convertible note convertible at $4.5 per share placed with existing shareholder
SAN DIEGO, CA / ACCESSWIRE / May 7, 2024 / Ainos, Inc. (NASDAQ:AIMD)(NASDAQ:AIMDW) (“Ainos”, or the “Company”), a diversified healthcare company focused on the development of novel point-of-care testing, low-dose interferon therapeutics, and synthetic RNA-driven preventative medicine, today announced that it sold a $9 million convertible note with a conversion price of $4.50 to an existing shareholder.
The note bears 6% compound interest rate and is convertible into the Company’s common shares at $4.50, and warrant coverage is 500,000 shares, with a strike price of $4.50 and five years to expiration.
Ainos Chairman, President and CEO Chun-Hsien Tsai commented, “We are pleased to deepen our relationship with our existing investor. This capital will enable us to put in place more resources to scale our VELDONA and AI Nose growth initiatives. We are excited about our opportunities and gratified with the attractive win-win terms of this financing package.”
Ainos has several programs under development for which the growth capital can be used. For its AI Nose platform, Ainos aims to advance its flagship VOC POCT candidate Ainos Flora. Ainos has initiated the second phase of collaboration with Nisshinbo Micro Devices Inc. (“NISD”) and Taiwan Inabata Sangyo Co (“Inabata”) for an AI Nose-powered VOC sensing platform with potential applications spanning a wide variety of industries, including telehealth, automotive, industrial, and environmental safety. VELDONA® investigational new drugs are also a key program with the potential to deliver high-quality, safe, and effective therapeutics for a variety of indications. This growth capital will be pivotal in propelling Ainos forward in advancing clinical studies and the Company’s active pursuit of out-licensing of VELDONA® human drug candidates, including its candidate for treating oral warts in HIV-seropositive patients.
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Additional information can be found in the Form 8-K filed with the U.S. Securities and Exchange Commission.
About Ainos, Inc.
Headquartered in San Diego, California, Ainos is a diversified healthcare company focused on the development of novel point-of-care testing (POCT), low-dose VELDONA® interferon therapeutics, and synthetic RNA-driven preventative…
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