Arena: Comera Life Sciences Announces Up To $15 million Purchase Agreement with Arena Business Solutions

WOBURN, Mass., Aug. 31, 2022 (GLOBE NEWSWIRE) -- Comera Life Sciences Holdings, Inc. (NASDAQ:CMRA) ("Company" or "Comera"), a life sciences company developing a new generation of bio-innovative biologic medicines to improve patient access, safety and convenience, today announced entry into a purchase agreement with Arena Business Solutions Global SPC II, Ltd. ("Arena") for up to $15 million of the Company's common stock, with an option to increase by an additional $15 million to $30 million. "The line of credit provides the opportunity to invest in our pipeline and proprietary formulation platform, SQore , which is designed to transform intravenous biologics into subcutaneous versions that patients can self-administer in a single dose," said Jeffrey Hackman, President, Chief Executive Officer and Chairman of Comera. "Strengthening our balance sheet will help us achieve our strategic objectives in the near-term, and we are grateful for Arena's commitment to Comera's success." After the SEC declares a resale registration statement effective relating to the transaction, Comera will have the right and the sole discretion to sell to Arena up to $15 million worth of shares over a 36-month period subject to certain limitations. Comera will control the timing and amount of any future investment and Arena will be obligated to make purchases in accordance with the purchase agreement and at a price based on 96% of the volume-weighted average trading price of common stock on the day of each sale. In the event Comera determines to sell any shares of its common stock under the purchase agreement the Company intends to use proceeds from the purchase agreement to fund working capital and general corporate purposes. Arena has agreed not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of the Company's common stock. No warrants, derivatives, or other share classes are associated with this agreement. In consideration for entering into the agreement, Comera has issued shares of common stock to Arena as a commitment fee and will issue additional commitment fee shares to Arena if the Company exercises its option to increase the commitment amount. A more detailed description of the agreement is set forth in the Company's Current Report on Form 8-K to be filed with the SEC. The offer and sale of the securities by the Company in the above transaction have not ...Full story available on Benzinga.com