June 13, 2017 – Scottsdale, AZ – Lattice Biologics Ltd. (TSX-V: LBL) (OTCQB: LBLTF) (“Lattice Biologics” or the “Company“) announced today that it has completed the previously announced transaction to significantly reduce the Company’s royalty and debt obligations (the “Transaction“) with Grenville Royalty Corp. (“Grenville“).
Pursuant to the Transaction, US$2.7 million of debt was converted into common shares of Lattice Biologics and the royalty was reduced to 1.25% of revenue. In addition, the secured note issued to Grenville was restructured to extend the maturity date to 2022 and lower the interest rate to 4.244% per annum. For further details, see the Company’s news release dated April 26, 2017.
“The Transaction is a major step towards normalizing Lattice’s capital structure,” said Guy Cook, Chief Executive Officer. “We believe we are now well-positioned to pursue the longer-term potential of the Company.”
Completion of the Transaction follows on the heels of the Company’s recent announcements (on May 31, 2017 and June 1, 2017) regarding the appointment of Darrel Holmes, as Chief Operating Officer of the Company and receipt of American Association of Tissue Banks approval for distribution of musculoskeletal tissue and skin through September 2019.
Lattice Biologics Ltd.
Chief Executive Officer
Telephone No: (480) 563-0800
About Lattice Biologics Ltd.:
Lattice Biologics Ltd. is an emerging precision medicine leader in the field of cellular therapies and tissue engineering, with an emphasis on bone, skin, and cartilage regeneration. As a manufacturer of the highest quality allografts, Lattice is focused on next generation products to improve surgical outcomes.
Versatile allografts for a variety of surgical applications:
- Enhancing fusion in spine surgery
- Enhancing breast reconstruction post mastectomy for breast cancer patients
- Sports medicine indications, including ACL repair
- Promotion of bone regeneration in foot and ankle surgery
- Promotion of cranial healing following neurosurgery
- Enhancing wound repair in burn victims
- Subchondral bone defect repair in knee and other joint surgeries
The Company is currently exploring new technologies in regenerative and personalized medicine:
- All natural amniotic fluid supplement for arthritic joints
- Personalized Cancer Diagnostics – revolutionary high-throughput precision chemotherapy screening
Lattice Biologics operates headquarters, laboratory and manufacturing facilities in Scottsdale, Arizona as well as offices in Toronto Ontario. The Company maintains all necessary licensures to process and sell its tissue engineered products within the U.S. and internationally. This includes Certificates to Foreign Governments from the U.S. Food and Drug Administration (FDA) and registrations for 29 countries, which allow the export of bone, tendon, meniscus, ligament, soft tissue, and cartilage products outside of the U.S.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information:
Certain information contained in this news release constitutes “forward-looking statements” within the meaning of the ‘safe harbour’ provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. All statements herein, other than statements of historical fact, are to be considered forward looking. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “potential”, “future”, “expected”, “could”, “possible”, “goal”, “intends”, “will” or similar expressions. Forward-looking statements in this news release include, without limitation: information pertaining to the Company’s strategy, plans, or future financial performance, such as statements with respect to future revenues or products, and other statements that express management’s expectations or estimates of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lattice to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to, the risk that the Company may not be able to generate sufficient cash to service its indebtedness.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management as of the date such statements are made, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The factors and assumptions that could prove to be incorrect, include, but are not limited to: that market prices will be consistent with expectations, the continued availability of capital and financing, and that general economic, market and business conditions will be consistent with expectations. The forward-looking statements are not guarantees of future performance. We disclaim any obligation to update or revise any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.