VALERITAS HOLDINGS, INC. (OTCBB:CYGM) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
| Entry into a Material Definitive Agreement |
On February9, 2017, Valeritas, Inc. (the Company) entered into an
Amendment No.1 to Second Amended and Restated Term Loan Agreement
(the Amendment) with Capital Royalty Partners II L.P., Capital
Royalty Partners II – Parallel Fund A L.P., Parallel Investment
Opportunities Partners II L.P., Capital Royalty Partners II
Parallel Fund B (Cayman) L.P., and Capital Royalty Partners II
(Cayman) L.P. (collectively, Capital Royalty Group or CRG).
CRG and the Company are parties to that certain Second Amended
and Restated Term Loan Agreement, dated as of May3, 2016 (the
Loan Agreement), to which CRG loaned $50,000,000 of senior
secured debt to the Company. The Amendment (i)extends the
interest only-period of the Loan Agreement to May 2019 from May
2018; (ii)extends the deadline for full payment under the Loan
Agreement to May 2022 from May 2021, and (iii)reduces the
Companys minimum cash and cash equivalent requirements to
$2,000,000 from the previous requirement of $5,000,000 under the
Loan Agreement, except that if the Company does not consummate an
underwritten public offering of at least $40,000,000 in gross
proceeds by December31, 2017, then the minimum cash covenant
reverts back to $5,000,000.
Item8.01. |
Other Events |
On February9, 2017, the Company issued a press release titled
Valeritas Amends Existing Credit Facility to Extend Payment
Obligations. A copy of the press release is filed as Exhibit
99.1 to this Periodic Report on Form 8-K, and is incorporated by
reference herein.
Item9.01. |
Exhibits |
(d)Exhibits
| 99.1 |
Press release issued by the Company on February 9, 2017 titled Valeritas Amends Existing Credit Facility to Extend Payment Obligations. |
About VALERITAS HOLDINGS, INC. (OTCBB:CYGM)
Valeritas Holdings, Inc., formerly Cleaner Yoga Mat, Inc., is a commercial-stage medical technology company. The Company is focused on developing technologies for Type 2 diabetes. It has developed its commercialized product, the V-Go Disposable Insulin Delivery Device (V-Go) to help patients with Type 2 diabetes who require insulin to maintain their target blood glucose goals. V-Go is a disposable insulin delivery device that a patient adheres to his or her skin every 24 hours. V-Go enables patients to closely mimic the body’s normal physiologic pattern of insulin delivery throughout the day and to manage their diabetes with insulin without the need to plan a daily routine around multiple daily injections. It has developed V-Go utilizing its h-Patch platform as a patient-focused solution to address insulin therapies. Its h-Patch platform facilitates the subcutaneous delivery of injectable medicines to patients across a range of therapeutic areas.
