BLOOMFIELD HILLS–Zivo Bioscience Inc. (NASDAQ: ZIVO), a biotech and agriculture-tech research and development company developing medicines and nutritional products from algae cultures, announced a $1 million unsecured six-month loan from Chairman and CEO John Payne.
The loan carries 10% simple interest, may be prepaid without penalty, is extendable for an additional six months and includes warrants to purchase 390,000 shares of Zivo common stock with a strike price of $2.91 per share.
More information on the loan and warrants is available in Zivo’s Form 8-K filed with the U.S. Securities and Exchange Commission.
Zivo announced it would use the proceeds for working capital purposes, 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 the future of ZivoO Bioscience due to our talented team, our thoughtful business strategy, and multiple near-term milestones,” Payne said. “More specifically, I am confident in our novel immune-modulating product and believe the results we’ve produced to date demonstrate its efficacy in preventing coccidiosis in broiler chickens. We have begun another study to further validate our coccidiosis product, including confirming titration levels, disease concentration and other environmental conditions. I look forward to the completion of this comprehensive study.”
Added Keith Marchiando, Zivo CFO: “No one knows ZIVO better than Mr. Payne and we are grateful for his financial support as we work to fund the Company beyond the results of the current coccidiosis study and pursue a corporate partnership. John’s continued investment in ZIVO signals confidence in our business strategies, including our near-term biotech strategy with our product candidate for the treatment of coccidiosis in chickens, and our agtech plans focused on human nutrition.”
Zivo has commenced the comprehensive study in broiler chickens and expects to complete work to affirm the protocol of its planned coccidiosis study, including titration analysis and dosing challenges, in May. Thereafter, Zivo IVO will commence the 42-day study in over 2,000 chickens, which is expected to conclude in mid-2023. The Company also continues to fund the scale up of production for its dried algal biomass for the human food industry.
Visit www.zivobioscience.com for more information.