|
|
News Breaks | | | | September 27, 2012 | | 08:47 EDT |  | PPHM | Peregrine discloses notice of default from lenders
Peregrine disclosed last night that on September 24, it received a written notice of default from Oxford Finance, as collateral agent, on behalf of itself, Silicon Valley Bank, and MidCap Financial SBIC, with respect to that certain loan and security agreement dated as of August 30. Pursuant to the Notice of Default, all amounts due under the Loan Agreement were accelerated as a result of the bavituximab trial discrepancies, which were deemed a material adverse change under the Loan Agreement. The Lenders demanded full payment of all obligations under the Loan Agreement, including the outstanding principal amount of $15M and all accrued interest thereon, plus a final payment fee equal to 6.5% of the principal amount repaid. On September 25, Peregrine said it paid the Lenders all outstanding obligations and the Loan Agreement was terminated. The company added, "We believe we will have sufficient capital to fund our operations into the fourth quarter of our fiscal year 2013 based on current projections..there are a number of uncertainties associated with our financial projections, including but not limited to, termination of third party contracts, technical challenges, the rate at which patients are enrolled into any current or future clinical trials, any of which could reduce, delay or accelerate our future projected cash inflows and outflows." | |
|
News For PPHM From The Last 14 Days Check below for free stories on PPHM the last two weeks. |
|
|
| There are no results for PPHM |
|
|
|
|
|
|
