Zivo Bioscience Inc., a biotech/agtech R&D company focused on the development of therapeutic, medicinal, and nutritional product candidates derived from proprietary algal cultures, announced today that its Chairman, Chief Executive Officer, and President, John Payne, has provided a $1 million unsecured six-month loan.
The loan has a 10% simple interest rate, can be repaid without penalty, can be extended for another six months, and includes warrants to purchase 390,000 shares of ZIVO common stock at a strike price of $2.91 per share. More information on the loan and warrants can be found in ZIVO’s Form 8-K, which was filed with the SEC today.
The proceeds from this bridge financing will be used for working capital, to fund a recently launched validation study with its product candidate for the prevention and treatment of coccidiosis in broiler chickens, and to pursue additional strategic alternatives.
I am optimistic about ZIVO Bioscience’s future because of our talented team, thoughtful business strategy, and multiple near-term milestones. More specifically, I am confident in our novel immune-modulating product and believe the results we’ve produced thus far demonstrate its efficacy in preventing coccidiosis in broiler chickens, Mr. Payne said.
We have started another study to validate our coccidiosis product, which includes confirming titration levels, disease concentration, and other environmental conditions.” “I eagerly await the completion of this comprehensive study.
ZIVO Bioscience has begun the comprehensive study in broiler chickens and anticipates finishing work to confirm the protocol of its planned coccidiosis study, including titration analysis and dosing challenges, in May.
Following that, ZIVO will begin a 42-day study in over 2,000 chickens, which is expected to conclude in mid-2023. The company is also continuing to fund the expansion of its dried algal biomass production for the human food industry.
ZIVO Bioscience is a research and development firm with a portfolio of intellectual property that includes proprietary algal and bacterial strains, biologically active molecules and complexes, production techniques, cultivation techniques, and patented or patent pending inventions for human and animal health applications.
