PORTLAND, Ore. — Sedia Biosciences Corporation (Sedia) of Portland, Oregon, USA, a developer and manufacturer of low cost, innovative medical diagnostic tests and surveillance assays to detect and monitor
global pandemic diseases today announced that it has completed a Subscription Agreement with Sichuan Jireh Technology Ltd. (the Investor), Sichuan, People’s Republic of China (PRC) for an investment of $500,000 in the shares of Sedia’s common stock, equivalent to an 11% shareholding. The financing also includes a package of common stock purchase warrants, which, if exercised, will bring an additional $500,000 equity investment over the next 18 months. The Investor is considered a strategic partner and has committed to support the Company’s future growth plans. The proceeds of the transaction will be used primarily for general working capital purposes and related investments.
Roger Gale, Sedia’s Chairman and Chief Executive Officer commented, “We are delighted to welcome such a strong strategic investor. We have worked successfully with the leadership of Jireh Technology Ltd. over the past 15 months on both commercial and investment opportunities in the PRC. Going forward they will be working with us to build commercial relationships in many of our target markets and will be helping us raise additional capital for the next stage of Sedia’s business plan.” Mr. Gale went on to say, “We have also taken the opportunity afforded to us by Jireh’s investment to convert $285,000 of outstanding Convertible Promissory Notes into shares of Sedia’s common stock. This significantly improves our balance sheet and enhances our future outlook.”
Dr. Ronald Mink, Sedia’s President and Chief Science Officer said “We are excited to have Jireh Technology Ltd. as a new business partner, and look forward to the opportunity they will afford us in entering new and more diverse international markets for our current and new products. We look forward to a long and fruitful relationship with them and their continued support.”
About Sedia Biosciences Corporation: Sedia Biosciences Corporation (https://www.sediabio.com) is a U.S.-based healthcare company focused on the development and commercialization of novel in vitro diagnostic and epidemiological tests. The company is dedicated to advancing access to medical care by developing innovative diagnostic and monitoring products that enable more cost effective and expanded testing for infectious diseases and other conditions. Based in Portland, Oregon, Sedia develops, manufactures and sells both in vitro diagnostic and epidemiological tests as well as specimen collection devices.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management’s current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the Company’s ability to obtain additional financing, if and as needed, and access funds from its existing financing arrangements that will allow it to continue its current and future operations and whether demand for its test products in domestic and international markets will generate sufficient revenues to achieve positive cash flow and profitability. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company’s expectations with regard to these forward-looking statements or the occurrence of unanticipated events.