TORONTO, August 5, 2022 (GLOBE NEWSWIRE) — Acerus Pharmaceuticals Corporation (“Company” Also “Asellus) (TSX:ASP; OTCQB:ASPCF) today announced that First Generation Capital Inc. (“first generation”), an affiliate of the Chairman of the Board of Acerus1increase the existing secured loan limit (“Loan system”) from $37,945,000 to $47,945,000. This increase will be made available to us under a secure grid promissory note with Gen 1 through two upfront payments of US$5 million each on August 5 and 8, 2022.
The loan facility bears an interest rate of eight percent (8%) per annum and will be fully repaid on December 31, 2024, but may be fully or partially prepaid without penalty. Proceeds from the loan facility will be used for ongoing general working capital.
In light of First Generation’s relationship with the Chairman of the Board of Directors of Acerus, the independent members of the Board of Directors, led by the Lead Independent Director, met separately to review and discuss the amendments to the Loan Facility. Following a review of such independent members of the Board of Directors, it was unanimously decided that it was in Acerus’ best interests to enter into an amendment to the Loan Facility.
In addition, the Company today issued a promissory note (“Note”) an amount of US$4.91 million relating to upfront fees payable to former Serenity Pharmaceuticals LLC (“Serenity”) security holders. The representative of the security holder and his Acerus agree that 50% of the outstanding balance will be due on his September 30, 2022 and the remainder, including accrued interest, will be due on his December 31, 2022. agreed to extend the maturity date of With this fix, Acerus spent more time securing additional funding.
Acerus Pharmaceuticals Corporation is a specialty pharmaceutical company focused on commercializing and developing innovative prescription medicines that improve the patient experience, with a focus on men’s health. We commercialize our products through our own sales force in the United States and Canada, and a global network of licensed distributors in other regions.
Acerus shares trade on TSX under the symbol ASP and on OTCQB under the symbol ASPCF. For more information, visit www.aceruspharma.com and follow us on Twitter and LinkedIn.
Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. This information implies assumptions about our future operating results. These assumptions were considered reasonable by the company at the time of preparation, but may prove to be incorrect. Readers are advised that the Company’s actual performance is subject to numerous risks and uncertainties, including its use of the proceeds of the Loan Facility, expected returns on the Loan Facility and the Company’s ability to meet its obligations under the Loan. Please note in particular. The facility, NATESTO® and NOCTIVA® global and U.S. commercial performance, and the Company’s ability to pay off the bonds at maturity and secure funding to execute its strategy are currently expected to be set may differ significantly from go up. For more comprehensive information regarding these risks and uncertainties, please refer to our Annual Information Form dated March 14, 2022, available at www.sedar.com. The forward-looking information contained in this press release is based on current estimates, forecasts and projections that we believe to be reasonable at this time. You should not place undue emphasis on forward-looking information and should not rely on this information as of any other date. Although we may choose to do so, we have no obligation and undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. There is no such thing.
(1) A material change report was not submitted at least 21 days prior to initiating modification of the Loan Facility from Generation 1, as the terms of such arrangement have not yet been finalized;
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Acerus announces modification of loan facility and promissory note by former Serenity shareholders, The Canadian Business Journal
Source link Acerus announces modification of loan facility and promissory note by former Serenity shareholders, The Canadian Business Journal