DURECT CORPORATION (NASDAQ:DRRX) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On July28, 2016, DURECT Corporation (the “Company”) entered into a $20.0 million Loan and Security Agreement (the “Loan Agreement”) with Oxford Finance LLC (“Oxford Finance”), which provided for interest only payments for the first 18 months, followed by consecutive monthly payments of principal and interest in arrears starting on March 1, 2018 and continuing through the maturity date of the term loan of August 1, 2020.
On February 28, 2018, the Company and Oxford Finance entered into a First Amendment of the Loan Agreement, which modified the terms of the Loan Agreement to change the first principal payment date from March 1, 2018 to December 1, 2018 and to increase the additional payment due when the term loan becomes due or upon the prepayment of the facility from 9.25% of the principal amount of the term loan to 10% of such amount.The interest rate and the maturity date remain unchanged, and the Company paid Oxford Finance a loan modification fee of $100,000.
Item 1.01Financial Statements and Exhibits.
(d) Exhibits
ExhibitDescription
Exhibit Index
DURECT CORP ExhibitEX-10.1 2 drrx-ex101_6.htm EX-10.1 drrx-ex101_6.htm eXHIBIT 10.1 FIRST AMENDMENT TOLOAN AND SECURITY AGREEMENT THIS FIRST AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of February 28,…To view the full exhibit click here
About DURECT CORPORATION (NASDAQ:DRRX)
Durect Corporation is a biopharmaceutical company with research and development programs. The Company’s products candidates include DUR-928, oral for metabolic/lipid disorders, and DUR-928, injectable for acute organ injuries. Its other product candidates include POSIMIR (controlled release injection of bupivacaine), REMOXY (oral controlled release oxycodone), ORADUR-ADHD, ELADUR (controlled release injection of bupivicane), Relday (risperidone), ORADUR-based opioid (hydromorphone) and SABER-based ophthalmic. The Company’s ALZET product line consists of miniature, implantable osmotic pumps and accessories used for experimental research in mice, rats and other laboratory animals. The Company also manufactures and sells osmotic pumps used in laboratory research and design; and develops and manufactures a range of standard and custom biodegradable polymers and excipients for pharmaceutical and medical device clients for use as raw materials in their products.
