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SWORD-financing
SWORD-financing (Stock and Warrant Off-Balance Sheet Research & Development) is a special form of financing invented to help young biotech companies access capital to finance their R&D via establishing a SPE (special purpose entity) and giving the investors partial rights to the outcomes of the R&D projects they are funding.
==Overview==
Innovation is vital to biotech firms. However, uncertainty of the commercial viability and regulatory approval of new products and technologies makes innovation a very risky undertaking. Conventional internal financing of innovation is generally not possible because biotech firms tend to be small with meager profits and few cash resources. SWORD financing can be used instead to encourage innovation by diversifying risk across wide financial markets. With SWORD, investors, who are usually institutional investors or wealthy individuals looking to capitalize on the latest technology, are given an opportunity to identify and finance underfunded, yet attractive projects. An SPE acts as an intermediary between the parent company and the investors, separating the project from the existing liabilities of the parent company. To provide flexibility and liquidity for all the parties, an SPE issues special securities (units) and raises finance via public or private offerings. In essence, one unit is a portfolio consisting of one share of SPE’s equity, one warrant to purchase a share of the parent firms' common stock, and a call option for the parent firm to buy back shares of SPE.〔http://www.jstor.org/stable/3665868 Michael E. Solt. SWORD Financing of Innovation in the Biotechnology Industry〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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