Cardax, Inc. announced that it expects to receive $0.46 million in funding
March 15, 2020
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Cardax, Inc. (OTCPK:CDXI) announced that it has entered into two securities purchase agreements to issue two convertible promissory notes of original principal amount $250,000 each issued at a discount of $20,000 each for gross proceeds of $460,000 with certain accredited investors on March 16, 2020. The notes bears interest ate of 10% and will mature on September 16, 2020. The note is convertible into common shares of the company at a conversion price of $4.50 per share, subject to customary adjustments for stock splits or similar transactions, for six months following the issue date, may be converted at a price per share equal to 70% multiplied by the average of the two lowest trading prices for the common stock during the fifteen trading day period prior to the date of conversion. The company issued 5,000 share each to investors at a par value of $0.001 per share as a commitment fee. The company issued 27,777 shares to one of the investor, which must be returned to the company if the note is fully repaid or fully converted within six calendar months following the issue date. The company issued securities pursuant to regulation D
Cardax, Inc. is a consumer health company focused on marketing ZanthoSyn, an astaxanthin dietary supplement for inflammatory health. It seeks to monetize CDX-101, the Company's pre-clinical pharmaceutical candidate for cardiovascular inflammation and dyslipidemia, and CDX-301, the Company's pre-clinical pharmaceutical candidate for macular degeneration. CDX-101 is a proprietary astaxanthin prodrug that cleaves following oral administration and delivers astaxanthin to the bloodstream. Astaxanthin is a naturally occurring molecule with safe anti-inflammatory activity that supports cardiovascular health, metabolic health, liver health, joint health, and longevity. It intends to develop zeaxanthin pharmaceutical candidate, CDX-301, for macular degeneration. Zeaxanthin accumulates in the human eye through uptake by a retinal receptor, providing protection against blue light, oxidative damage, and related inflammation that occurs in macular degeneration.