Alliqua BioMedical, Inc. (NASDAQ:ALQA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
| Entry into a Material Definitive Agreement. |
On November 28, 2016, Alliqua BioMedical, Inc. (the Company)
entered into an amendment (the Amendment) to the forbearance
agreement dated November 1, 2016, between the Company, certain of
its subsidiaries and Perceptive Credit Holdings, LP (Perceptive),
to which Perceptive agreed to extend the currently effective
forbearance period through December 31, 2016 in respect of the
Companys default of a covenant pertaining to trailing
twelve-month revenue under its credit agreement with Perceptive.
Under the forbearance agreement, as amended by the Amendment,
Perceptive has agreed to forbear from exercising any rights and
remedies related to the default until December 31, 2016, but has
reserved the rights, commencing December 31, 2016, to pursue any
rights and remedies available to it, including, but not limited
to, declaring all or any portion of the outstanding principal
amount to be immediately due and payable, imposing a default rate
of interest as specified in the credit agreement, or pursuing
Perceptives rights and remedies as a secured party under the UCC
as a secured lender. In addition, Perceptive has a lien on
substantially all of the Companys assets and, as a result of the
default, may seek to foreclose on some or substantially all of
its assets after the expiration of the forbearance on December
31, 2016.
The foregoing descriptions of the forbearance agreement and the
Amendment are qualified in their entirety by reference to the
full text of such agreements, copies of which will be filed as
exhibits to the Companys Annual Report on Form 10-K for the year
ended December 31, 2016.
| Item 2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth under Item 1.01 of this Current Report
on Form 8-K is hereby incorporated by reference into this Item
2.03.
About Alliqua BioMedical, Inc. (NASDAQ:ALQA)
Alliqua BioMedical, Inc. is a provider of advanced wound care solutions. The Company’s businesses include advanced wound care and contract manufacturing. The Company operates through its subsidiaries, such as AquaMed Technologies, Inc. and Choice Therapeutics, Inc. The Company is engaged in developing a suite of advanced wound care solutions that will enable surgeons, clinicians and wound care practitioners to address the challenges in chronic and acute wounds. The Company utilizes hydrogel technology through which hydrogels are manufactured by introducing a hydrophilic polymer into water to create a feed mix. The Company’s commercial wound care portfolio consists of over four product categories, such as Human Biologics; Antimicrobial Protection; Exudate Management and Contract Manufacturing. Human Biologics include BIOVANCE and Extracellular Matrix (ECM). Under Antimicrobial Protection, the Company offers TheraBond 3D Antimicrobial Barrier Systems and SilverSeal. Alliqua BioMedical, Inc. (NASDAQ:ALQA) Recent Trading Information
Alliqua BioMedical, Inc. (NASDAQ:ALQA) closed its last trading session up +0.029 at 0.640 with 111,564 shares trading hands.