Spotlight Innovation Inc., a West Des Moines-based intellectual property incubator, announced that it has closed on an unsecured convertible promissory note in the gross principal amount of $2.5 million, exclusive of certain fees. The company also issued warrants to purchase 250,000 shares of common stock of the company. The warrants have a five-year term and are exercisable into shares of common stock of the company. "The capital from this financing allows us to continue focusing on identifying and growing our targeted health care intellectual property acquisition opportunities," said Cris Grunewald, president and CEO. Spotlight Innovation Inc. (OTCQB: STLT) specializes in identifying, acquiring and incubating companies that have unique intellectual property in the medical sector. Spotlight in March entered into a purchase agreement with Memcine Pharmaceuticals Inc., a Coralville-based startup developing vaccines for infectious diseases and cancer.