SAVARA INC. (NASDAQ:SVRA) Files An 8-K Termination of a Material Definitive AgreementItem 1.02.
Savara Inc. (f/k/a Mast Therapeutics, Inc.), a Delaware corporation (the “Company”), had previously entered into that certain Loan and Security Agreement, dated August 11, 2015, as amended by the First Amendment to Loan and Security Agreement dated as of September 28, 2015, the Second Amendment to Loan and Security Agreement effective as of December 31, 2015, the Third Amendment to Loan and Security Agreement effective as of February 25, 2016, the Fourth Amendment to Loan and Security Agreement effective as of July 22, 2016, the Fifth Amendment to Loan and Security Agreement, dated as of March 3, 2017 and the Sixth Amendment to Loan and Security Agreement, dated as of April 27, 2017 (collectively, the “Hercules Loan Agreement”) with Hercules Technology III, L.P. and Hercules Capital, Inc. (formerly known as Hercules Technology Growth Capital, Inc.) (together, “Hercules”).
On May 2, 2017, the parties agreed to terminate the Hercules Loan Agreement, and the Company utilized proceeds from its new credit facility with Silicon Valley Bank to repay all outstanding amounts owed under the Hercules Loan Agreement of approximately $3.67 million. The payoff amount also included a 2.0% prepayment premium. The material terms of the Hercules Loan Agreement are described in the Company’s Quarterly Report on Form 10-Qfiled with the Securities and Exchange Commission on August 12, 2015 and are incorporated herein by reference.
About SAVARA INC. (NASDAQ:SVRA)
Savara Inc., formerly Mast Therapeutics, Inc., is a clinical-stage pharmaceutical company. The Company is focused on the development and commercialization of novel therapies for the treatment of patients with rare respiratory diseases. Its pipeline includes AeroVanc, Molgradex and AIR001. AeroVanc is an inhaled formulation of vancomycin, which the Company is developing for the treatment of persistent methicillin-resistant Staphylococcus aureus, lung infection in cystic fibrosis patients. Molgradex is an inhaled formulation of recombinant human granulocyte-macrophage colony-stimulating factor. It is developing Molgradex for the treatment of autoimmune pulmonary alveolar proteinosis, a rare lung disease. AIR001 is a sodium nitrite solution for inhalation via nebulization. AIR001 is in Phase II clinical development for the treatment of heart failure with preserved ejection fraction, also known as diastolic heart failure or heart failure with preserved systolic function. SAVARA INC. (NASDAQ:SVRA) Recent Trading Information
SAVARA INC. (NASDAQ:SVRA) closed its last trading session down -0.70 at 7.11 with 106,259 shares trading hands.