CURE Secures $10M In Financing To Back Sera Labs' Growth

CURE Pharmaceutical Holdings (OTCQB: CURR) has secured $10 million in financing through the issuance of convertible notes.

The Oxnard, California-based company already raised $4 million under the first tranche of financing.

CURE agreed to refund the commitment in cash only. Otherwise, notes are subject to the conversion upon the election of the investor at $1.32 per share.

The company intends to utilize the proceeds to “achieve a number of key company goals and sets the stage for making 2021 a breakout year,” CEO Rob Davidson noted Monday.

“We have already set in motion the steps needed to drive progress in two key areas: driving strong sales growth of newly acquired Sera Labs, and advancing our clinical pharmaceutical pipeline, particularly CURE’s lead clinical development program for CUREfilm Blue (our trademarked name for sildenafil, or generic Viagra, to treat erectile dysfunction on our novel oral thin film technology),” Davidson further explained.

CURE purchased CBD products company Sera Labs Inc. in September for $20 million. Under the deal, the company agreed to invest $4 million in working capital to boost Sera Lab’s growth.

The company also said it would fulfill all regulatory requirements, including filing a registration statement with the United States Securities and Exchange Commission to register the reselling of the common stock’s shares issued upon notes’ conversion.

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