Cerenome, Inc. has entered into a securities purchase agreement with an institutional investor to raise up to $21.28 million through the issuance of senior secured convertible notes. The financing is structured in multiple tranches, with an initial closing expected to provide $3.0 million in gross proceeds. The notes are secured by substantially all assets of the company and its subsidiary, CNSide Diagnostics, LLC. The agreement also includes a provision for CNSide to pay the investor a 2.5% quarterly royalty on gross revenues until the notes are paid in full.
Key Details
- Financing Amount & Structure: Total aggregate principal of up to $21.28 million in senior secured convertible notes, consisting of an initial tranche (~$3.19M), a second tranche (~$2.13M), and additional notes (~$15.96M).
- Initial Proceeds: The company expects to receive initial gross proceeds of $3.0 million on or about September 10, 2026, for working capital and general corporate purposes.
- Key Note Terms: The notes mature one year from issuance, accrue interest at 8.0% per annum, and are secured by a first-priority interest in substantially all assets of Cerenome and its subsidiary. The initial conversion price is set at $2.74 per share.
- Royalty Agreement: A concurrent agreement requires the company's subsidiary, CNSide, to pay the investor a 2.5% quarterly royalty on its gross revenues until the notes are fully repaid.