TSX:MDP - Post Discussion
Post by
GoldenArm on May 28, 2021 9:32am
Medexus news out on Term Loan being increased by $5M
TORONTO and CHICAGO and MONTREAL, May 27, 2021 (GLOBE NEWSWIRE) -- Medexus Pharmaceuticals Inc. (“Medexus” or the “Company”) (TSXV:MDP) (OTCQX: MEDXF) (Frankfurt: P731) announced today that it has entered into certain amendments (collectively, the “Amendments”) to its existing credit agreements with a syndicate of lenders, agented by MidCap Financial, pursuant to which the Company currently has an outstanding US$10 million secured term loan and a US$20 million secured asset-based revolving credit facility.
Among other things, the Amendments contemplate an additional US$5 million becoming available to be drawn by the Company under the term loan facility, contingent upon certain conditions being satisfied, including conditions related to the Prescription Drug User Fee Act (“PDUFA”) date for treosulfan, scheduled for August 2021, and the Company’s obligation to make a related payment to medac G.m.b.h pursuant to the commercialization and supply agreement for treosulfan. The Company has also agreed to grant the lenders warrants to purchase such number of common shares of the Company equal to 2.00% of the newly advanced funds (if any when drawn) divided by the exercise price for the warrants, which shall be set by reference to the market price at the time of issuance.
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