Cytori Therapeutics, Inc. Amends Its Existing Loan and Security Agreement with Oxford Finance LLC
January 02, 2019 at 01:00 pm
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On December 31, 2018, Cytori Therapeutics, Inc. entered into an amendment to its existing Loan and Security Agreement, dated May 29, 2015, as amended with Oxford Finance LLC, as collateral agent, and the lenders party thereto, including Oxford (the “Lenders”), pursuant to which Oxford and the Lenders agreed to extend the maturity date from June 1, 2019 to June 1, 2020. The Amendment also increases the minimum liquidity covenant level from $1.5 million to $2.0 million and extends the interest-only period under the Loan Agreement to March 1, 2019. The Amendment requires that the Company achieve one of the following by January 31, 2019: enter into an asset sale agreement with a minimum unrestricted net cash proceeds to the Company of $4.0 million; enter into a binding agreement for the issuance and sale of its equity securities or unsecured convertible subordinated debt which would result in unrestricted gross cash proceeds of not less than $7.5 million; or enter into a merger agreement pursuant to which the obligations under the Loan Agreement would be paid down to a level satisfactory to Oxford and the Lenders.
Plus Therapeutics, Inc. is a clinical-stage pharmaceutical company. The Company is developing targeted radiotherapeutics with advanced platform technologies for central nervous system (CNS) cancers. The Company combines image-guided local beta radiation and targeted drug delivery approaches. The Company is advancing a pipeline of product candidates with lead programs in recurrent glioblastoma (GBM) and leptomeningeal metastases (LM). Its radiotherapeutic candidate, rhenium (186Re) obisbemeda, is designed specifically for CNS cancers including GBM, LM, and pediatric brain cancers (PBC). The Companyâs Rhenium (186Re) obisbemeda, a novel injectable radiotherapy designed to deliver targeted, high dose radiation directly into GBM tumors. Its radiotherapeutic candidate, Rhenium-188 NanoLiposome Biodegradable Alginate Microsphere (188RNL-BAM), is designed to treat many solid organ cancers.