Current Investments
Investment Summary – Millscope Biotech Convertible Note
Millscope Biotech Inc. is offering a USD 85 million secured convertible promissory note to finance innovative oncology research and product development, focused on breakthrough cancer therapeutics and early-detection diagnostics. The structure combines fixed-income yield, asset-backed security, and equity upside linked to the commercialization of high-impact biotech assets.
Key Investment Terms
- Instrument: Secured Convertible Promissory Note
- Size: USD 85,000,000
- Tenor: 5 years (60 months)
- Coupon: 6.75% per annum, paid semi-annually
- Issue Price: 100%
- Convertibility: Full subscription convertible into 20% equity of the borrower
- Minimum Investment: USD 200,000 (Reg D 506(c))
- Governing Law: Florida, USA
Use of Proceeds & Capital Management
Millscope Biotech will lend up to USD 50 million to Celtic Biotech Limited to fund staged research, clinical trials, and product development. Remaining proceeds are intended to be invested in liquid, interest-bearing securities to support ongoing coupon payments and maintain liquidity during long development cycles. A charge over the borrower’s assets and equity is intended to enhance downside protection.
Product Pipeline & Value Drivers
- Lead Therapeutic (CB-24):
A first-in-class cancer treatment derived from snake venom peptides, demonstrating strong pre-clinical and early clinical results, including disease stabilization and remission in some cases. CB-24 targets cancer cell membranes rather than DNA, potentially reducing toxicity and improving efficacy. Next milestones include Phase 1c and Phase 2 trials, positioning the product for FDA approval pathways
Millscope-Biotech-Deck.
Product Pipeline & Value Drivers
- Prognostic Detection Test:
A low-cost blood and urine test with a reported 94% cancer detection rate, targeting early diagnosis. The test is expected to reach market within 18–24 months, addressing an estimated USD 3.3 billion annual market opportunity across the U.S. and EU.
Investment Rationale (At a Glance)
- Defensive 6.75% fixed coupon over a 5-year term
- Secured structure with asset and equity charges
- Equity conversion upside tied to biotech commercialization
- Diversified pipeline spanning therapeutics and diagnostics
- Liquidity support via investment of undrawn proceeds
Millscope Biotech
Investment Summary – Millscope Summa Note
MillscopeSumma Inc. (“Millscope”) will provide financing to support Summa Realty Inc. “(“Summa”) real
estate projects. This USD 50 million note enables Millscope to strategically deploy funds across Summa’s
real estate projects, enabling project execution, value creation, and long-term growth.
Key Investment Terms
- Instrument: Secured Corporate Note
- Size: Up to USD 50,000,000
- Tenor: 3 years (36 months)
- Coupon: 6-month SOFR + 4.75% per annum
- Issue Price: 100%
- Minimum Investment: USD 200,000 (Reg D Rule 506(c))
- Governing Law: Delaware
- Listing: Not listed
Use of Proceeds
The targeted US$50 million note will primarily be used to fund the development pipeline of Summa’s real
estate projects. Because the projects are staggered and each carries different capital needs, Millscope will
actively manage the proceeds by allocating funds to Summa’s projects as their financing requirements arise.
Summa Realty Inc. (“Summa”)
Summa is a newly incorporated Oregon special-purpose vehicle established for the development of real estate projects under the leadership of experienced developer Tim Horst. The current pipeline includes residential properties in the US$500,000 to US$1.5 million price range, with projects concentrated in high- demand markets across Oregon.
Summa Projects
Tim Horst is an experienced real estate broker with over 32 years’ expertise in land development and new construction. He has been successful across both commercial and residential properties. He is the founder of the Summa Development Group and Summa Real Estate Group, leading a team of 50 real estate agents in the Cedar Hills area of NW Portland.
The Market
Oregon housing trends and stats are as follows:
- Median home price: $511,000, or around $307 per
sqfoot (Redfin, Oct 2025) - Median sale-to-list price ratio: 99.5 %
- Median days on market: 26 days according to Redfin
and 33 days according to Zillo, with 60-80 days in some
marketsaccording to Forbes - Migration and lifestyle demand: Oregon continues to attract out-of-state buyers from California, Washington
and beyond. 78% of Portland homebuyers searched to stay within Portland.
Summa Sample Project
Summa Village is located at the base of Bull Mountain in King City, Oregon. A southwest suburb of Portland, this area is fairly affluent with great schools and surrounded by the high
tech industry. With easy access to freeways and shopping, this is an ideal location for a new community of custom homes and retail center.
Millscope Summa