Cardax, Inc. announced that it expects to receive $0.25 million in funding from Harbor Gates Capital, LLC
January 20, 2020
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Cardax, Inc. (OTCPK:CDXI.D) announced that it has entered into a securities purchase agreement with Harbor Gates Capital, LLC for secured convertible promissory note of original principal amount $262,500 issued at a discount of $12,500 for gross proceeds of $250,000 on January 21, 2020. The note bears an interest rate of 10% per annum. The note will mature on June 30, 2020. The note is convertible into common shares of the company at a conversion price of $14 per share subject to adjustments. The number of common shares that may be issued upon conversion is subject to specified limitations of beneficial ownership that are set forth in the note of 4.99% or, at the option of the lender. The company may prepay the note in whole or part, subject to specified prepayment premiums or penalties, equal to 15% for prepayments on or prior to March 31, 2020; 25% for prepayments on or prior to May 15, 2020; or 30% prior to June 30, 2020.
Cardax, Inc. is a consumer health company focused on marketing ZanthoSyn, an astaxanthin dietary supplement for inflammatory health. It seeks to monetize CDX-101, the Company's pre-clinical pharmaceutical candidate for cardiovascular inflammation and dyslipidemia, and CDX-301, the Company's pre-clinical pharmaceutical candidate for macular degeneration. CDX-101 is a proprietary astaxanthin prodrug that cleaves following oral administration and delivers astaxanthin to the bloodstream. Astaxanthin is a naturally occurring molecule with safe anti-inflammatory activity that supports cardiovascular health, metabolic health, liver health, joint health, and longevity. It intends to develop zeaxanthin pharmaceutical candidate, CDX-301, for macular degeneration. Zeaxanthin accumulates in the human eye through uptake by a retinal receptor, providing protection against blue light, oxidative damage, and related inflammation that occurs in macular degeneration.
CARDAX, INC. 