Protagenic Therapeutics takes $250K bridge note at 1% interest
What's the deal? Protagenic TherapeuticsDealroom has a profile for this one. Try Dealroom → issued a $250,000 promissory note to Patness LLC on November 4, 2026, carrying 1% simple annual interest. The biotechnology company is treating the note as post-IPO debt — a short-term liquidity bridge rather than a growth round.
The fine print: Principal and interest come due at the earlier of 180 days after issuance or an equity raise generating at least $1 million in gross proceeds. Interest is forgiven if the note is repaid within 365 days, and the company can prepay without penalty.
Why now? Protagenic's cash position has tightened sharply, falling from $1.51 million at March 31, 2026, to $566,000 at June 30, alongside a working-capital deficit. The note offers limited near-term funding as the company works toward a larger equity raise.
What's the backdrop? The company raised about $4.3 million during fiscal 2026 through warrant exercises and an at-the-market facility. Its shares were delisted from Nasdaq in January and now trade on OTCQB, with a current market capitalisation of roughly $1.14 million.
The signal: A $250,000 note at 1% interest underscores how dependent Protagenic remains on external capital to keep operating. The structure — tied to a future $1 million raise — signals the company is buying time, not building from strength.
Read more: tipranks.com
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