Quotient Limited today reported concordance data for the initial MosaiQ™ blood grouping microarray generated in its European field trial, which exceed the targeted criteria for submission for CE marking. Under the terms of the indenture governing its 12% Senior Secured Notes due 2023, Quotient now plans to issue an additional $36 million of notes.
“It gives me great pleasure to report positive field trial results for our initial blood grouping microarray,” said Franz Walt, Chief Executive Officer of Quotient. Mr. Walt added, “The achievement of this milestone will provide access to additional debt capital to fund the next important steps of our development, which include a CE mark submission, initial commercialization and the ongoing expansion of the MosaiQ test menu to include the second antigen typing microarray, our initial serological disease tests for CMV and Syphilis and ultimately the full serological and molecular disease screening microarrays.”
In connection with the issuance of the additional notes, the purchasers will also be allocated an additional 0.6% royalty right with respect to aggregate net sales of MosaiQ Instruments and MosaiQ Microarrays made in the donor testing market in the United States and the European Union.
For further information please read the press release.