On January 12, 2021 Inspyr Therapeutics, Inc. (OTC: NSPX), a pharmaceutical company focused on the research and development of novel targeted precision therapeutics for the treatment of cancer, reported the sale of $500,000 of a senior convertible debenture ("Debenture") from an existing institutional investor to pursue the research and development of the company’s novel portfolio of adenosine receptor antagonists and for general corporate purposes (Press release, Inspyr Therapeutics, JAN 12, 2021, View Source [SID1234573897]).
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The Debenture (i) is non-interest bearing, (ii) has a maturity date of January 12, 2022, (iii) is convertible into shares of common stock at the election of the Investor at any time, subject to beneficial ownership limitations and (iv) has a conversion price equal to the lesser of $0.33 and 85% of the lowest Volume Weighted Average Price (VWAP) during the five (5) Trading Days immediately prior to the conversion date, subject to adjustment, as further described in the Debenture.
The securities offered have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This current report shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
The company continues to execute on implementing its new corporate strategy by strengthening its portfolio and securing additional capital to pursue long-term strategic objectives and create value for stakeholders. Recently the company announced it strengthened its global intellectual property with the expansion of 18 additional issued patents in potential future commercial markets including the United States, Europe, the United Kingdom, Asia and other geographies. This newly issued intellectual property supports the research and development of RT-AR001, a potential first-in-class adenosine receptor modulator, and further business development initiatives.
The company is now in the process of commencing corporate operations including: pre-clinical research and development, manufacturing, regulatory and business development. The company is dedicated to continuing to execute its new corporate strategy and will provide timely updates to shareholders.
For a further description of the Debenture, please refer to the company’s Form 8-K filed on January 12, 2021.