[sheet: Cover & Summary]
Field | Value
Document Title | Funds Flow Memorandum
Transaction | Issuance of $40,000,000 Aggregate Principal Amount of Senior Unsecured Convertible Promissory Notes by Genome Dx Therapeutics Inc.
Prepared By | Calderwood & Harkness LLP, 600 California Street, 40th Floor, San Francisco, CA 94108
Prepared For | Genome Dx Therapeutics Inc. and the Purchasers listed herein
C&H Client/Matter No. | 1013-00002
Responsible Partner | Theodore Langston
Lead Associate | Audrey Zhou
Working Associate | Brendan Walsh
Closing Date | April 22, 2024
Original Target Closing Date | April 12, 2024 (delayed due to updated officers' certificate and refreshed Delaware good-standing certificate)
Governing Agreement | Note Purchase Agreement dated April 9, 2024
Aggregate Purchase Price | $40,000,000
Escrow Agent | Meridian Pacific Bank, N.A.
Escrow Agent Contact | Colin Driscoll, Vice President, Capital Markets Services
Escrow Agent Phone | [Phone placeholder]
Escrow Agent Email | [Email placeholder]
Status | All wires to be initiated on or before 10:00 a.m. PT on April 22, 2024; funds released upon confirmation of satisfaction of all closing conditions
[sheet: Purchaser Wire Instructions]
Wire No. | Sending Party — Full Legal Name | Sending Party — Short Name | Sending Party — Address | Authorized Signatory | Transaction Contact | Principal Amount | % of Total Placement | Originating Bank Name | Originating Bank ABA/Routing No. | Originating Account Name | Originating Account No. | Reference / Memo | Expected Wire Time
1 | Pinnacle BioVentures Fund III, L.P. | Pinnacle | 101 Federal Street, 26th Floor, Boston, MA 02110 | Jonathan Merriweather, Managing Director (signing on behalf of Pinnacle BioVentures Management III, LLC, its General Partner) | Sarah Lindholm, Principal | $22,000,000 | 55.0% | [Pinnacle's Bank Name — placeholder] | [ABA placeholder] | Pinnacle BioVentures Fund III, L.P. | [Account No. placeholder] | GenomeDx Convertible Note Placement — NPA dated 4/9/2024 | On or before 10:00 a.m. PT, April 22, 2024
2 | Cormorant Health Capital Partners, L.P. | Cormorant | 375 Park Avenue, Suite 3201, New York, NY 10152 | Victor Nakamura, Managing Partner (signing on behalf of Cormorant Health Capital Management, LLC, its General Partner) | Angela Ferraro, Vice President, Investments | $12,000,000 | 30.0% | [Cormorant's Bank Name — placeholder] | [ABA placeholder] | Cormorant Health Capital Partners, L.P. | [Account No. placeholder] | GenomeDx Convertible Note Placement — NPA dated 4/9/2024 | On or before 10:00 a.m. PT, April 22, 2024
3 | Alder Creek Life Sciences Fund II, L.P. | Alder Creek | 555 Mission Street, Suite 2800, San Francisco, CA 94105 | Katharine Ostrowski, General Partner (signing on behalf of Alder Creek Life Sciences Management II, LLC, its General Partner) | Daniel Yoo, Associate | $6,000,000 | 15.0% | [Alder Creek's Bank Name — placeholder] | [ABA placeholder] | Alder Creek Life Sciences Fund II, L.P. | [Account No. placeholder] | GenomeDx Convertible Note Placement — NPA dated 4/9/2024 | On or before 10:00 a.m. PT, April 22, 2024
TOTALS | $40,000,000 | 100.0%
[sheet: Escrow Account — Receiving Inst]
Field | Value
Receiving Bank Name | Meridian Pacific Bank, N.A.
Receiving Bank Address | 350 Sansome Street, 12th Floor, San Francisco, CA 94104
ABA / Routing Number | [ABA placeholder]
SWIFT Code (if applicable) | [SWIFT placeholder]
Account Name | Meridian Pacific Bank, N.A. — Trust Account (Genome Dx Therapeutics Inc. Escrow)
Trust Account Number | 7841-0093-22
Reference / Memo Line | GenomeDx Convertible Note Placement — Closing April 22, 2024
Escrow Agent Contact — Name | Colin Driscoll
Escrow Agent Contact — Title | Vice President, Capital Markets Services
Escrow Agent Contact — Phone | [Phone placeholder]
Escrow Agent Contact — Email | [Email placeholder]
Aggregate Amount Expected | $40,000,000
Purpose of Escrow | Hold aggregate purchase price pending confirmation that all closing conditions under the Note Purchase Agreement dated April 9, 2024 have been satisfied or waived
[sheet: Release to Issuer]
Field | Value
Release Wire No. | 4
Sending Party | Meridian Pacific Bank, N.A. (as Escrow Agent)
Trust Account No. | 7841-0093-22
Amount to Release | $40,000,000
Receiving Party — Full Legal Name | Genome Dx Therapeutics Inc.
Receiving Party — Address | 450 Pinnacle Drive, Suite 300, South San Francisco, CA 94080
Receiving Party — Federal EIN | 82-3194507
Receiving Bank Name | Meridian Pacific Bank, N.A.
Receiving Bank Address | 350 Sansome Street, 12th Floor, San Francisco, CA 94104
Receiving Bank ABA / Routing Number | [ABA placeholder]
Operating Account Name | Genome Dx Therapeutics Inc. — Operating Account
Operating Account Number | [Account No. placeholder]
Reference / Memo Line | Convertible Note Placement — Release of Escrowed Funds — Closing April 22, 2024
Release Condition | Release upon written joint instruction of Issuer and Purchasers (or Majority Holders) confirming satisfaction of all conditions to closing under Article [__] of the Note Purchase Agreement dated April 9, 2024
Release Authorization — Issuer Contact | Diane Kowalski, CFO, Genome Dx Therapeutics Inc.
Release Authorization — Purchaser Contact (Lead Investor) | Sarah Lindholm, Principal, Pinnacle BioVentures Fund III, L.P.
Release Authorization — Issuer's Counsel Contact | Audrey Zhou, Calderwood & Harkness LLP, 600 California Street, 40th Floor, San Francisco, CA 94108
Release Authorization — Investors' Counsel Contact | Elizabeth Hargrove, Whitfield, Greer & Cavanaugh LLP, 1251 Avenue of the Americas, 34th Floor, New York, NY 10020
Anticipated Release Time | Upon confirmation of closing conditions, expected by 2:00 p.m. PT on April 22, 2024
[sheet: Notes Delivered]
Note No. | Holder — Full Legal Name | Principal Amount of Note | Interest Rate | Interest Type | Maturity Date | Pre-Money Valuation Cap | Valuation Cap Price | Fully Diluted Share Count | Conversion discount | Delivery Method
1 | Pinnacle BioVentures Fund III, L.P. | $22,000,000 | 6.0% | Simple interest, paid-in-kind (PIK) annually | April 12, 2027 | $200,000,000 | $4.1451 | 48,250,000 | 20% | Original executed Note delivered to holder at closing; copy to C&H deal file
2 | Cormorant Health Capital Partners, L.P. | $12,000,000 | 6.0% | Simple interest, paid-in-kind (PIK) annually | April 12, 2027 | $200,000,000 | $4.1451 | 48,250,000 | 20% | Original executed Note delivered to holder at closing; copy to C&H deal file
3 | Alder Creek Life Sciences Fund II, L.P. | $6,000,000 | 6.0% | Simple interest, paid-in-kind (PIK) annually | April 12, 2027 | $200,000,000 | $4.1451 | 48,250,000 | 20% | Original executed Note delivered to holder at closing; copy to C&H deal file
TOTALS | $40,000,000
[sheet: Wire Confirmation Log]
Wire No. | Description | Sending Party | Receiving Party | Amount | Fed Reference No. | Time Wire Sent | Time Wire Confirmed Received | Confirmed By | Notes
1 | Purchaser Wire — Pinnacle | Pinnacle BioVentures Fund III, L.P. | Meridian Pacific Bank, N.A. — Trust Account No. 7841-0093-22 | $22,000,000 | [To be completed] | [To be completed] | [To be completed] | [To be completed]
2 | Purchaser Wire — Cormorant | Cormorant Health Capital Partners, L.P. | Meridian Pacific Bank, N.A. — Trust Account No. 7841-0093-22 | $12,000,000 | [To be completed] | [To be completed] | [To be completed] | [To be completed]
3 | Purchaser Wire — Alder Creek | Alder Creek Life Sciences Fund II, L.P. | Meridian Pacific Bank, N.A. — Trust Account No. 7841-0093-22 | $6,000,000 | [To be completed] | [To be completed] | [To be completed] | [To be completed]
4 | Escrow Release to Issuer | Meridian Pacific Bank, N.A. (Escrow Agent) | Genome Dx Therapeutics Inc. — Operating Account | $40,000,000 | [To be completed] | [To be completed] | [To be completed] | [To be completed] | Release upon joint instruction confirming satisfaction of all closing conditions