Transdel Pharmaceuticals (TDLP.OB) Closes $1 Million Debt Financing
Transdel Pharmaceuticals Inc., a specialty pharmaceutical company focused on developing topically administered products using its Transdel™ proprietary transdermal delivery platform, today announced completion of a private source financing agreement in the amount of $1 million. The source of the financing is an existing shareholder, backed up by a senior convertible promissory note carrying an annual interest rate of 7.5% and a two-year term. The holder has the right to convert all or part of the outstanding principal and accrued interest on the note into shares of Transdel common stock at a conversion rate of $1.00 per share. Transdel has the…