Acer Therapeutics has received $1,000,000 in funding in exchange for the issuance of an unsecured, subordinated promissory note for that principal amount to Christopher Schelling, the Company’s CEO and Founder, a member of the Company’s Board of Directors, and the beneficial owner of more than 10% of the Company’s outstanding common stock. Acer expects receipt of this funding to extend its cash runway into early Q3 2023. The principal amount of the promissory note will accrue interest at a rate of 6% per annum, and all principal and accrued interest will be due and payable on the maturity date on August 21, 2023.
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