SHANGHAI, June 8, 2014 /CNW/ - Phagelux, Inc., a leading anti-bacterial company, is pleased to announce that it has entered into definitive purchase agreements of preferred stock with a group of institutional investors, including both existing and new investors, to raise $10,000,000. Pursuant to the purchase agreements, the Company will issue an aggregate of 176,796 shares of the Company's Series A Preference stock.
Mark Engel, Chairman of Phagelux, says "This round of financing will be instrumental in moving our development programs forward, acquiring some additional assets, and even starting to commercialize our first programs. We expect that the first two solutions coming out of our AgriHealth division will finish the regulatory approval process in certain markets by either the end of this year or early next year with commercialization in those markets starting in 2016."
About Phagelux, Inc.
Phagelux, Inc. is developing anti-bacterial solutions across multiple fields utilizing various phage and phage-based technologies and solutions. Phagelux is headquartered in Shanghai with laboratories in China and North America and a factory under construction in China. Phagelux has both HumanHealth and AgriHealth divisions.
SOURCE Phagelux, Inc.
For further information: Media Contact: Aileen Shen, Assistant to the Chairman, [email protected], +86-1851-627-4458