Executives at this Scottsdale biotech company are converting a $1.4M loan into equity

Phoenix Business Journal

March 7, 2016, 12:00pm MST

LATTICE BIOLOGICS EXECS TAKE STOCK TO PAY OFF LOANThe CEO and CFO of Lattice Biologics Ltd. (TSX-V: LBL) are converting their $1.4 million loans to equity in the Scottsdale-based company, an indication of their confidence in the success of the provider of personalized medicine for cellular therapies and tissue engineering.

“We have grown to a point to take the company public and now the shares have real value now,” said Guy Cook, CEO of Lattice Biologics. “We wanted to maximize that.”

The company made its debut on the Toronto stock exchange in January.

Cook and CFO Cheryl Farmer could have gotten their money back, but instead decided to buy 8.9 million shares of the company.

“It’s a vote of confidence that both Cheryl and I have in the future growth of the company,” Cook said.

The company develops and manufactures biological products for customers around the world.

Over the past two years, Cook has put about $1 million of his own money into the company, while Farmer has contributed about $400,000.

The company’s stock closed at 28 cents a share on March 4 and is trading around 25 cents a share today, closer to its 52-week low of 1 cent a share than its high of 60 cents a share.

“We’re OK with that,” Cook said. “We’re just getting started. We signed up 14 new surgeons and each of the surgeons should be able to buy $1 to $2 million worth of our product. We’re coming right into that window we projected.”

Angela Gonzales
Senior Reporter (health, biotech, education)
Phoenix Business Journal


Media Contact: Melanie Battista, Public Relations, Lattice Biologics Inc., 16701 N 90th Street, Suite #101, Scottsdale, AZ 85260, 480-563-0800 Office, News@LatticeBiologics.com | www.LatticeBiologics.com

Subscribe to Lattice News Updates

Follow us on Twitter: @LatticeBio