BOTHELL, Wash.—Helix BioMedix Inc., a developer of bioactive peptides, announced additional funding in the amount of $2.9 million through convertible promissory notes.
“We continue to receive strong support from our investor base in what has been a tough economic climate,” stated R. Stephen Beatty, president and chief executive officer of Helix BioMedix, Inc. “The proceeds will be utilized for general corporate purposes, including continued Rx product development and the launch of additional consumer products based on our SmartPeptide™ technology. Helix BioMedix peptides can now be found in a wide range of skin care, blemish control and cosmeceutical products marketed through a variety of channels, including prestige and mass market retailers and catalogues.”
The sale and issuance of convertible promissory notes was in the aggregate principal amount of $2.9 million and also included warrants to purchase 725,000 shares of the company’s common stock at an exercise price equal to $0.80 per share. The notes accrue interest at 8 percent per annum and are due and payable on July 1, 2013, unless converted into common stock at an earlier date, as described in the company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 8, 2010.