Medisafe 1 Technologies Corp., which is traded on the over-the-counter Bulletin Board, has raised $5 million in equity financing from Centurion Private Equity, an institutional investor managed by Roswell Capital Partners. The new funding will help fund ongoing research and development. Medisafe develops technology to prevent unauthorized administration of prescription medications.
Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, today announced the signing of an LOI to secure a $5,000,000 Equity Funding Facility with Centurion Private Equity, LLC (“Centurion”), an institutional investor managed by Roswell Capital Partners, LLC.
Medisafe 1 Technologies intends to use the funding facility to fund ongoing research and development, and to support general corporate purposes.
Upon closing of the agreement, Centurion will be committed to purchase for cash consideration, subject to certain conditions and limitations described in the agreement, up to an aggregate of $5,000,000 of Medisafe 1 Technologies’ common stock. Under the Equity Funding Facility, Medisafe 1 Technologies may, at its discretion, periodically sell to Centurion shares of Medisafe 1 Technologies’ common stock at a price based upon the market price (as defined in the agreement) of Medisafe 1 Technologies’ common stock.
“Medisafe 1 Technologies is committed to building on its efforts to date as we continue to develop our life saving devices that prevent the incorrect administration of medicines and transfusions,” said Jacob Elhadad, CEO of Medisafe 1 Technologies Corp. “Securing this funding facility provides Medisafe 1 Technologies with the means to ensure that we are adequately capitalized and capable of meeting the requirements of our ongoing research and development as well as upcoming pilot projects.”
“The funding facility from Centurion is exercisable at our discretion, which allows for flexibility. We are pleased to have in place the necessary means to ensure that we can meet our operational and growth requirements going forward,” Elhadad added.
Roswell Capital Partners is a fund management company focused on private equity investments in small-cap publicly traded securities. Since 1994, its members have served in the Private Equity Markets as the Principal or Investment Banker for over 125 public companies including several biotechnology companies such as Celgene, and Peregrine Pharmaceuticals
About Medisafe 1 Technologies
Medisafe 1 Technologies seeks to effectively prevent unauthorized administration of a drug or medicinal substance by hypodermic needle. Medisafe’s patented technology is a medical assembly with a locking mechanism that is intended to ensure the substance cannot be released from the hypodermic needle without positive pre-matching between the substance and its intended patient.