Rezolute, Inc. announced that it expects to receive $25 million in funding from Genexine, Inc., Handok Inc.

Rezolute, Inc. (OTCPK:RZLT) entered into a preferred stock purchase agreement to issue 5,000,000 convertible preferred stock at a price of $5 per share for gross proceeds of $25,000,000 on January 7, 2019. The transaction will include participation form Genexine, Inc.(KOSDAQ:A095700), and Handok Inc. (KOSE:A002390). Pursuant to the agreement, each preferred share automatically converts into common stock at a price of $0.22 per share.

The purchase agreement also grants the investors a call option to purchase up to an additional $20 million of shares of common stock prior to December 31, 2020 at a per share price equal to the greater of $0.29 or 75% of the volume weighted average closing price of company's common stock over 30 consecutive trading days prior to the exercise of the option to purchase.