Sun BioPharma, Inc. (OTCMKTS:SNBP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material
Definitive Agreement.
On March 17, 2017, Sun BioPharma, Inc. (the Company) entered into
Note Purchase Agreements (the Purchase Agreements) with the
investors named therein (the Investors) and closed the
transactions governed thereby. to the March 17, 2017 Purchase
Agreements, the Company issued to the Investors $711,000 in
original principal amount of unsecured convertible promissory
notes (the Notes). To date, the Company has received a total of
$3,076,000 in gross proceeds in connection with the issuance of
Notes in the February 17, 2017, March 3, 2017, March 10, 2017 and
March 17, 2017 closings.
Amounts borrowed under the Notes are scheduled to mature on
December 1, 2018 and will bear interest at a rate of 5.0% per
annum. Principal and interest on the Notes are payable at
maturity. The Company may prepay the Notes in whole or in part at
any time without penalty or premium. The Notes may be converted
into shares of common stock or other securities of the Company
upon certain triggering events as described in the Notes,
including certain transactions and upon the request of a holder
of any Note. Upon the occurrence of certain events of default,
the Notes require the Company to repay the unpaid principal
amount of the Notes and any unpaid accrued interest. The Company
expects to use the net proceeds from the sales of the Notes for
working capital and general corporate purposes.
The foregoing descriptions of the Purchase Agreement and the
Notes are summaries and qualified by reference to the full text
of such documents, which is filed as Exhibits 10.1 and 10.2,
respectively, and incorporated herein by reference.
Item 2.03 Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.
The information disclosed in Item 1.01 is incorporated by
reference into this Item.
Item 9.01 Financial Statements
and Exhibits.
|
10.1 |
Form of Note Purchase Agreement, by and among the Company |
|
10.2 |
Form of Convertible Promissory Note. (incorporated by |
About Sun BioPharma, Inc. (OTCMKTS:SNBP)
Sun BioPharma, Inc., formerly Cimarron Medical, Inc., is a clinical stage drug development company. The Company is a biopharmaceutical company focused on developing therapies for pancreatic diseases. It is engaged in the commercial development of a polyamine analogue for pancreatic cancer and for a second indication in chronic pancreatitis. The Company’s products include SBP-101, SBP-102 and SBP-103. Its SBP-101 is a polyamine compound and exhibits specificity for the exocrine pancreas, with therapeutic potential for both pancreatic cancer and pancreatitis indications. It develops SBP-101 for the treatment of patients with pancreatic ductal adenocarcinoma. The SBP-102 product is in non-clinical feasibility evaluation for the treatment of patients with pancreatitis. The SBP-103 product is in non-clinical exploratory evaluation. The Company has enrolled first patient in its Phase I clinical trial of SBP-101 in patients with previously treated pancreatic cancer. Sun BioPharma, Inc. (OTCMKTS:SNBP) Recent Trading Information
Sun BioPharma, Inc. (OTCMKTS:SNBP) closed its last trading session 00.00 at 3.65 with 1,000 shares trading hands.