SOLNA, Sweden--(BUSINESS WIRE)--Regulatory News:
Aerocrine (STO:AEROB)
On June 15, 2015 Circassia Pharmaceuticals plc (“Circassia”) announced that 92.6% of the outstanding shares of Aerocrine had been tendered in Circassia’s public offer to the shareholders of Aerocrine and that the offer was declared unconditional. As noted in the statement by the Board of Directors of Aerocrine in relation to Circassia’s public offer issued on May 15, 2015, Aerocrine’s credit agreement with ROS Acquisition Offshore LP (an affiliate of OrbiMed Advisors LLC) and Novo A/S, dated April 29, 2013 contains change of control provisions, giving the lenders a right to declare outstanding credit amounts due and payable upon a change of ownership in Aerocrine along with prepayment fees associated with such acceleration. On June 19, 2015, the lenders informed Aerocrine that they were accelerating payment of the outstanding principal of $35m as well as prepayment of interest and milestone payments due in the event of acceleration in the amount of approximately $10m. Aerocrine intends to make the full payment of approximately $45m to the lenders within the next several days from cash reserves. Based on forecasted levels of cash and current forecasts for expenses and accounts payable and accounts receivable the company expects to have sufficient cash to operate Aerocrine until such time as additional financing can be obtained.
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Aerocrine (STO:AEROB)
On June 15, 2015 Circassia Pharmaceuticals plc (“Circassia”) announced that 92.6% of the outstanding shares of Aerocrine had been tendered in Circassia’s public offer to the shareholders of Aerocrine and that the offer was declared unconditional. As noted in the statement by the Board of Directors of Aerocrine in relation to Circassia’s public offer issued on May 15, 2015, Aerocrine’s credit agreement with ROS Acquisition Offshore LP (an affiliate of OrbiMed Advisors LLC) and Novo A/S, dated April 29, 2013 contains change of control provisions, giving the lenders a right to declare outstanding credit amounts due and payable upon a change of ownership in Aerocrine along with prepayment fees associated with such acceleration. On June 19, 2015, the lenders informed Aerocrine that they were accelerating payment of the outstanding principal of $35m as well as prepayment of interest and milestone payments due in the event of acceleration in the amount of approximately $10m. Aerocrine intends to make the full payment of approximately $45m to the lenders within the next several days from cash reserves. Based on forecasted levels of cash and current forecasts for expenses and accounts payable and accounts receivable the company expects to have sufficient cash to operate Aerocrine until such time as additional financing can be obtained.
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