International Stem Cell (OTC BB: ISCO) completes $5M Financing
OTCBB: ISCO has completed a financing and also changed the composition of its Board of Directors
The financing consists of $5M in newly issued Series G Convertible Preferred Stock (without warrants), convertible into common stock at a conversion price of $0.40/share, the market price of the common stock on the date the offer to purchase was made.
- This financing was made by AR Partners LLC, a healthcare investment firm owned by Dr. Andrey Semechkin, ISCO’s CEO and Co-Chairman of the Board of Directors. <for red flag>
Concurrently with the closing of this financing, Dr. James Berglund, co-founder of Enterprise Partners Venture Capital will replace Kenneth C. Aldrich, co-founder and former CEO during the period 2008-2009, who is “stepping down” as ISCO Board of Directors Co-Chairman. Although Mr. Aldrich is retiring from the Board, he will remain as one of ISCO’s largest shareholders, an active consultant to the Board, executive management and will continue to represent the Company as “Chairman Emeritus” in a variety of public and private venues.
The Bottom Line: A “little too insider” or was the term “incestuous” for me …?? Ken Aldrich is stepping … down … he gave them … credibility??
