Vericel Corporation (NASDAQ:VCEL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
corporation, entered into a Second Loan Modification Agreement
(the Loan Modification Agreement) between the Company, as
borrower, and Silicon Valley Bank, in its capacity as
Administrative Agent (Agent), and Silicon Valley Bank, MidCap
Funding IV Trust, MidCap Funding III Trust, and ELM 2016-1 Trust
as lenders (Lenders). The Loan Modification Agreement modifies
certain sections of the Loan and Security Agreement dated as of
September 9, 2016, by and between the Company, Agent and Silicon
Valley Bank, MidCap Financial Trust, MidCap Funding III Trust and
other lenders listed therein as lenders, as amended by that
certain First Loan Modification Agreement, dated as of December
30, 2016.
covenants; (ii) the terms of the final payment of the Term Loan
Advances (as defined in the Loan Modification Agreement) to an
amount equal to the aggregate original principal amount of the
Term Loan Advances, multiplied by seven percent (7%); and (iii)
the terms of the Availability Amount (as defined in the Loan
Modification Agreement) to exclude from the Revolving Line or the
Borrowing Base (each as defined in the Loan Modification
Agreement) a specified amount until the Company has complied with
the minimum financial covenants for two consecutive quarters.
qualified in its entirety by reference to the full text of the
Loan Modification Agreement.
which is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
attached hereto is intended to be furnished and shall not be
deemed filed for purposes of Section 18 of the Securities
Exchange Act of 1934 (the Exchange Act) or otherwise subject to
the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act
of 1933 or the Exchange Act, except as expressly set forth by
specific reference in such filing.
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
above regarding the Loan Modification Agreement is incorporated
by reference in response to this Item 2.03 of Form 8-K.
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Exhibit No.
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Description
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99.1
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Press Release of Vericel Corporation, Vericel Reports
First-Quarter 2017 Financial Results dated May 10, 2017. |
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About Vericel Corporation (NASDAQ:VCEL)
Vericel Corporation, formerly Aastrom Biosciences, Inc., is a commercial-stage biopharmaceutical company dedicated to the identification, development and commercialization of therapies that enable the body to repair and regenerate damaged tissues and organs to restore normal structure and function. The Company operates through the research, product development, manufacture and distribution of patient-specific, expanded cellular therapies for use in the treatment of specific diseases segment. Its autologous cell therapy products include Carticel (autologous cultured chondrocytes), which is an autologous chondrocyte implant for the treatment of cartilage defects in the knee, and Epicel (cultured epidermal autografts), which is a permanent skin replacement for the treatment of patients with deep-dermal or full-thickness burns. The Company is developing MACI, which is a third-generation autologous chondrocyte implant and ixmyelocel-T, which is a patient-specific multicellular therapy. Vericel Corporation (NASDAQ:VCEL) Recent Trading Information
Vericel Corporation (NASDAQ:VCEL) closed its last trading session down -0.05 at 2.55 with 83,213 shares trading hands.