Acura Pharmaceuticals, Inc. Receives $200,000 Loan from John Schutte
January 30, 2019 at 04:15 pm
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Acura Pharmaceuticals, Inc. announced that On January 28, 2019 it received a $200,000 loan from John Schutte, which combined with earlier loans, total $4.55 million in loans from Mr. Schutte. In connection with the $200,000 loan, and issued a promissory note, or the Schutte Note, in that principal amount to him. The Schutte Note bears interest at prime plus 2%, and matures on January 2, 2020, at which time all principal and interest is due. Events of Default under the Schutte Note include bankruptcy events and failure to pay interest and principal when due. The note is secured by a security interest in all of assets. The Schutte Note may be prepaid in whole or part at any time. These terms are the same as the terms for the $4.35 million loans previously received from Mr. Schutte.
Acura Pharmaceuticals, Inc. is a drug delivery company engaged in the research, development, and commercialization of technologies and products to address the safe use of medications. Its platform technologies include LIMITX Technology, AVERSION Technology, and IMPEDE Technology. Its LIMITX Technology is designed to minimize the risks and side effects associated with overdose by retarding the release of active drug ingredients when too many tablets are accidentally or purposefully ingested. The LIMITX Technology is in development with hydrocodone bitartrate and acetaminophen (also known as LTX-03) as the lead product candidates. Its AVERSION Technology is to address methods of product tampering associated with opioid abuse by incorporating gelling ingredients and irritants into tablets to discourage abuse by snorting and provide barriers to abuse by injection. Its IMPEDE Technology is directed at minimizing the extraction and conversion of pseudoephedrine tablets into methamphetamine.
ACURA PHARMACEUTICALS, INC. 
