Investment in eGenesis raised to US$16.70 million via convertible promissory notes
NATCO has decided to raise its planned investment in US biotech eGenesis, Inc. from US$14.00 million to US$16.70 million, through wholly owned subsidiaries.
By ScoutQuest · · 1 min read
- Investment Increase
- US$14.00 million to US$16.70 million
- Subsidiary Contributions
- NATCO Pharma (Canada) Inc. US$13.70 million, NATCO Pharma USA LLC US$3 million
- Interest Rate
- 8% compounded annually
- Prior Investment
- US$8.00 million in 2024
- Total Investment on Completion
- US$24.70 million
What was announced
NATCO Pharma has decided to increase its investment in eGenesis, Inc. from the previously disclosed US$14.00 million to US$16.70 million, updating its August 25, 2026 disclosure. The subsidiaries participating in the investment have also changed.
How the money is going in
- NATCO Pharma (Canada) Inc. is purchasing a convertible promissory note of principal US$ 13.70 million, interest 8% compounded annually.
- NATCO Pharma USA LLC is purchasing a convertible promissory note of principal US$ 3 million, interest 8% compounded annually.
- Consideration is in cash; at completion, no additional shares are being acquired.
- Indicative completion period: October 31, 2026.
Total exposure
NATCO had earlier invested US$8.00 million in eGenesis in 2024 through NATCO Pharma (Canada) Inc. On completion, total investment in eGenesis will rise to US$24.70 million.
About the target eGenesis, Inc. is a Cambridge, Massachusetts based clinical-stage biotechnology company incorporated on October 1, 2015. It uses multiplex gene editing and genome engineering to develop porcine solid organ donors for human transplantation, with programmes in kidney transplant, acute liver failure and heart transplant. The company is pre-revenue. In March 2024 it announced the world's first porcine kidney transplant in a living patient, authorised by the US FDA under the Expanded Access pathway, followed by two more patients.
Other details
The transaction is not a related party transaction, and the promoter/promoter group has no interest in the entity. The stated object is investing in new-age therapeutic programmes addressing critical unmet medical needs.
How investors may read it
This is a step-up in an existing early-stage biotech bet, structured as debt convertible into equity rather than an immediate share purchase. Returns depend on eGenesis's clinical progress, and the target is currently pre-revenue.
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More numbers
- Previously disclosed investmentUS$14.00 million
- Revised investmentUS$16.70 million
- Note by NATCO Pharma (Canada) Inc.US$ 13.70 million
- Note by NATCO Pharma USA LLCUS$ 3 million
- Interest rate on convertible promissory notes8%
- Earlier investment in 2024US$8.00 million
- Total investment on completionUS$24.70 million
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