Acerus Announces Amendment to Promissory Note Due to Former Serenity Shareholders
03 Oktober 2022 - 1:30PM
Acerus Pharmaceuticals Corporation (the “
Company”
or “
Acerus”) (TSX:ASP; OTCQB:ASPCF) today
announced that it has amended the promissory note (the
“
Note”) in the amount of US$4.91 million related
to the up-front fee owed to former Serenity Pharmaceuticals LLC
(“Serenity”) securityholders. The securityholder representative and
Acerus agreed that the amount of the note would be increased to
US$7.75 million. Repayment of the Note would be done via a payment
schedule commencing the last business day of each calendar quarter
following the calendar quarter in which the achievement of the
first commercial sale of NOCTIVA in the United States (“First
Commercial Sale”). The increase in the face value of the promissory
note reflects the estimated interest cost associated with the
progress payment schedule noted below. Payments will now occur as
follows:
Payment on end of Quarter following Quarterin which First
Commercial Sale Occurs |
Amount(In USD ‘000s) |
First |
$200 |
Second |
$225 |
Third |
$250 |
Fourth |
$300 |
Fifth |
$350 |
Sixth |
$450 |
Seventh |
$550 |
Eighth |
$650 |
Ninth |
$750 |
Tenth |
$900 |
Eleventh |
$1,100 |
Twelfth |
$1,500 |
Maturity Date |
$525 |
|
Total Amount: $7,750 |
In addition, the securityholder representative
and Acerus agreed to amend the maturity date so that it would occur
on the last day of the thirteenth calendar quarter following
quarter in which First Commercial Sale occurs.
This amendment will allow Acerus more time to
complete its previously announced strategic review.
About Acerus
Acerus Pharmaceuticals Corporation is a
specialty pharmaceutical company focused on the commercialization
and development of innovative prescription products that improve
patient experience, with a primary focus in the field of men’s
health. The Company commercializes its products via its own
salesforce in the United States and Canada, and through a
global network of licensed distributors in other territories.
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.
Notice regarding forward-looking
statements
Information in this press release that is not
current or historical factual information may constitute
forward-looking information within the meaning of securities laws.
Implicit in this information are assumptions regarding our future
operational results. These assumptions, although considered
reasonable by the company at the time of preparation, may prove to
be incorrect. Readers are cautioned that actual performance of the
company is subject to a number of risks and uncertainties,
including with respect to, the Company’s ability to meet its
obligations under the Note, the commercial performance of NATESTO®
and NOCTIVA® globally and in the U.S. as well as the ability of the
Company to secure financing to pay the Note at maturity and execute
on its strategy, and could differ materially from what is currently
expected as set out above. For more exhaustive information on these
risks and uncertainties you should refer to our annual information
form dated March 14, 2022 that is available on www.sedar.com.
Forward-looking information contained in this press release is
based on our current estimates, expectations and projections, which
we believe are reasonable as of the current date. You should not
place undue importance on forward-looking information and should
not rely upon this information as of any other date. While we may
elect to, we are under no obligation and do not 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.
Company ContactRobert MotzChief
Financial Officer(289) 326-5791ir@aceruspharma.com
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