Mr. Heng Fai Chan converts secured debt into common equity
NEW YORK, May 22, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Amarantus Bioscience Holdings, Inc. (OTC Pink:AMBS) (the "Company," or AMBS), a US-based JLABS-alumnus biotechnology holding company, developing first-in-class orphan neurologic, regenerative medicine and ophthalmic therapies and diagnostics through its subsidiaries, today announced that it retained Weild & Co. to advise the Company for planned capital raises using mechanisms created under the JOBS Act. The Company is evaluating strategies to capitalize both the parent company Amarantus, as well as subsidiaries Elto Pharma, Inc., Cutanogen Corporations and MANF Therapeutics.
"Weild & Co., led by Mr. David Weild, brings tremendous experience in the capital markets, and specifically understands newly-created mechanisms under the JOBS Act that allow for Alternate Reporting companies such as Amarantus to gain access to pools of capital that were previously unreachable for us," said Gerald E. Commissiong, President & CEO of Amarantus.
Mr. Weild is Founder, Chairman and CEO of Weild & Co. The studies that he co-authored have documented the long-term decline in equity capital formation in the United States and provided the core arguments that gave rise to the JOBS Act and many of the specific provisions contained in the JOBS Act. For these reasons, he is frequently called "The father of the JOBS Act." Mr. Weild is a former Vice Chairman and executive committee member of The NASDAQ Stock Market and spent years running major Wall Street investment banking and equity capital markets businesses. He holds an MBA from the Stern School of Business and a BA from Wesleyan University. He studied on exchange at The Sorbonne, Ecole des Haute Etudes Commerciales and The Stockholm School of Economics. He is also the Chairman Emeritus and a Board Member of Tuesday's Children, the charity that provides long-term recovery services to 9/11 family members, first responders, and widows and orphans of US military.
"Amarantus has acquired some very important product candidates that have the potential to improve outcomes for some of the most challenging human health conditions, including Parkinson's and severe burns," said David Weild, Chairman & CEO of Weild & Co. "We look forward to helping the management team prepare offerings that have the potential to be accretive to shareholder value."
Concurrent with this announcement, the Company disclosed that Mr. Heng Fai Chan's affiliated entities, including Xpress Group International, have converted their $350,000 senior secured convertible debenture into common stock of Amarantus. Mr. Chan and affiliated entities now own 72,610,667 shares of common stock, representing approximately 37% of the outstanding common stock of Amarantus.
About Amarantus Bioscience Holdings, Inc.
Amarantus Bioscience Holdings (AMBS) is a JLABS alumnus biotechnology company developing treatments and diagnostics for diseases in the areas of neurology, regenerative medicine and orphan diseases through its subsidiaries. AMBS' wholly-owned subsidiary Elto Pharma, Inc. has development rights to eltoprazine, a Phase 2b-ready small molecule indicated for Parkinson's disease levodopa-induced dyskinesia, Alzheimer's aggression and adult attention deficit hyperactivity disorder, commonly known as ADHD. AMBS acquired the rights to the Engineered Skin Substitute program, a regenerative medicine-based approach for treating severe burns with full-thickness autologous skin grown in tissue culture that is being pursued by AMBS' wholly-owned subsidiary Cutanogen Corporation. AMBS' wholly-owned subsidiary MANF Therapeutics, Inc. owns key intellectual property rights and licenses from a number of prominent universities related to the development of the therapeutic protein known as mesencephalic astrocyte-derived neurotrophic factor ("MANF"). MANF Therapeutics, Inc. is developing MANF-based products as treatments for brain and ophthalmic disorders. MANF was discovered by the Company's Chief Scientific Officer John Commissiong, PhD. Dr. Commissiong discovered MANF from AMBS' proprietary discovery engine PhenoGuard. The Company also re-acquired rights to the Alzheimer's blood diagnostic LymPro Test , MSPrecise and NuroPro.
For further information please visit www.Amarantus.com, or connect with the Amarantus on Facebook, LinkedIn, Twitter and Google+.
Amarantus Investor and Media Contact:
Howard Gostfrand
American Capital Ventures, Inc.
Office: 305-918-7000
Email: hg@amcapventures.com
Source: Amarantus Bioscience Holdings, Inc.