Panbela Therapeutics Enters Into Note Purchase Agreement with Nant Capital, LLC

Panbela Therapeutics, Inc. (NASDAQ:PBLA) recently announced that it has entered into a significant financial arrangement. On October 22, 2024, the company finalized a Note Purchase Agreement with Nant Capital, LLC. This agreement involves the issuance of two interest-bearing Senior Convertible Promissory Notes – the Tranche A Note for $2,850,000 and the upcoming Tranche B Note for $9,150,000.

The terms of the agreement state that the amounts owed under the Notes, along with the accrued interest, will become due and payable by Panbela Therapeutics on the Maturity Date. The interest will accrue at a rate of 8.00% plus the Monthly SOFR Rate, to be capitalized and paid in kind monthly until the repayment date or conversion into the company’s common stock.

The Tranche A Note is convertible into common stock of Panbela Therapeutics at a price per share of $0.37 before the Maturity Date or a Change of Control event. The Investor holds the right to convert the principal and interest into common stock, subject to certain limitations.

The funds raised from the Notes’ sale are intended for general corporate purposes and to settle existing debts. The agreement includes standard representations, warranties, covenants, and events of default common in unsecured financing agreements. Additionally, Panbela Therapeutics’ subsidiaries, Cancer Prevention Pharmaceuticals, Inc. and Panbela Research, Inc., have provided a Continuing Guaranty Agreement in support of the transaction.

The Tranche A Note and the expected Tranche B Note fall under the exemption from registration outlined in Section 4(a)(2) of the Securities Act of 1933. Consequently, neither Note may be offered or sold in the United States without proper registration or exemption.

This undertaking marks a significant financial development for Panbela Therapeutics, positioning the company for potential growth opportunities. As with any financial transaction, there are inherent uncertainties and risks associated, particularly in the biopharmaceutical sector. Investors and stakeholders are advised to consider these factors when evaluating the potential impact on the company’s future.

Contact:
Panbela Therapeutics, Inc.
712 Vista Blvd #305
Waconia, Minnesota 55387
Phone: 952-479-1196

Note: This article is a summary of the original 8-K SEC Filing by Panbela Therapeutics, Inc., filed with the U.S. Securities and Exchange Commission. For full details, please refer to the official filing on the SEC’s website.

The article suggests the importance of investors and stakeholders evaluating the potential impact of the financial transaction on the company’s future.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Panbela Therapeutics’s 8K filing here.

About Panbela Therapeutics

Panbela Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in the development of disruptive therapeutics for the treatment of patients with urgent unmet medical needs. The company’s lead product candidates are Ivospemin (SBP-101), a proprietary polyamine analogue, which has completed Phase Ia/Ib clinical trial for the treatment of patients with metastatic pancreatic ductal adenocarcinoma; Flynpovi, a combination of eflornithine (CPP-1X) and sulindac which is in Phase III clinical trials; and Eflornithine, an enzyme-activated irreversible inhibitor of the enzyme ornithine decarboxylase, currently under Phase I/II trial.