ZIVO Bioscience Receives $1 Million Bridge Financing
06 April 2023 - 6:05AM
Business Wire
Zivo Bioscience, Inc. (NASDAQ: ZIVO) (the “Company”), a
biotech/agtech R&D company engaged in the development of
therapeutic, medicinal and nutritional product candidates derived
from proprietary algal cultures, today announced a $1 million
unsecured six-month loan from its Chairman, Chief Executive
Officer, and President, John Payne. The loan carries 10% simple
interest, may be prepaid without penalty, is extendable for an
additional six months and includes warrants to purchase 390,000
shares of ZIVO common stock with a strike price of $2.91 per share.
More information on the loan and warrants is available in ZIVO’s
Form 8-K filed today with the SEC.
ZIVO Bioscience intends to use the proceeds from this bridge
financing for working capital purposes, to fund a recently launched
validation study with its product candidate for the prevention and
treatment of coccidiosis in broiler chickens, and to pursue
additional strategic alternatives.
“I am optimistic about the future of ZIVO Bioscience due to our
talented team, our thoughtful business strategy and multiple
near-term milestones. More specifically, I am confident in our
novel immune-modulating product and believe the results we’ve
produced to date demonstrate its efficacy in preventing coccidiosis
in broiler chickens,” said Mr. Payne. “We have begun another study
to further validate our coccidiosis product, including confirming
titration levels, disease concentration and other environmental
conditions. I look forward to the completion of this comprehensive
study.”
“No one knows ZIVO better than Mr. Payne and we are grateful for
his financial support as we work to fund the Company beyond the
results of the current coccidiosis study and pursue a corporate
partnership. John’s continued investment in ZIVO signals confidence
in our business strategies, including our near-term biotech
strategy with our product candidate for the treatment of
coccidiosis in chickens, and our agtech plans focused on human
nutrition,” added Keith Marchiando, Chief Financial Officer of ZIVO
Bioscience.
ZIVO Bioscience has commenced the comprehensive study in broiler
chickens and expects to complete work to affirm the protocol of its
planned coccidiosis study, including titration analysis and dosing
challenges, in May. Thereafter, ZIVO will commence the 42-day study
in over 2,000 chickens, which is expected to conclude in mid-2023.
The Company also continues to fund the scale up of production for
its dried algal biomass for the human food industry.
About ZIVO Bioscience
ZIVO Bioscience is a research and development company with an
intellectual property portfolio comprised of proprietary algal and
bacterial strains, biologically active molecules and complexes,
production techniques, cultivation techniques and patented or
patent pending inventions for applications in human and animal
health. Please visit www.zivobioscience.com for more
information.
Forward Looking Statements
Except for any historical information, the matters discussed in
this press release contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Although ZIVO believes
that we have a reasonable basis for each forward-looking statement,
we caution you that these statements are based on a combination of
facts and factors currently known by us and our expectations of the
future, about which we cannot be certain. Our actual future results
may be materially different from what we expect due to factors
largely outside our control, including risks that our strategic
partnerships may not facilitate the commercialization or market
acceptance of our products; risks that our products may not be
ready for commercialization in a timely manner or at all; risks
that our products will not perform as expected based on results of
our pre-clinical and clinical trials; our ability to raise
additional funds; uncertainties inherent in the development process
of our products; changes in regulatory requirements or decisions of
regulatory authorities; the size and growth potential of the
markets for our products; the results of clinical trials, our
ability to protect our intellectual property rights and other
risks, uncertainties and assumptions, including those described
under the heading “Risk Factors” in our filings with the Securities
and Exchange Commission. These forward–looking statements speak
only as of the date of this press release and ZIVO undertakes no
obligation to revise or update any forward–looking statements for
any reason, even if new information becomes available in the
future.
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version on businesswire.com: https://www.businesswire.com/news/home/20230405005710/en/
ZIVO Bioscience, Inc. Keith Marchiando, Chief Financial
Officer (248) 452-9866 x130 kmarchiando@zivobioscience.com LHA
Investor Relations Tirth T. Patel (212) 201-6614
tpatel@lhai.com
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