OMNIBUS AMENDMENT AND CONSENT
OMNIBUS
AMENDMENT AND CONSENT EFFECTIVE AS OF July 10, 2007 (this “Omnibus
Amendment and Consent”)
by and
among Acura Pharmaceuticals, Inc. (the “Company”),
and
Acura Pharmaceutical Technologies, Inc. and the following lenders (“Lenders”):
Xxxxx
Partners III, L.P. (as agent for the other lenders (“Agent”)
and as
a lender itself), Xxxxx Partners International, III, L.P., Xxxxx Employee Fund
III, L.P., Care Capital Offshore Investments II, LP, Care Capital Investments
II, LP, Essex Woodlands Health Ventures V, L.P. (the foregoing Lenders, being
the “VC
Lenders”),
Xxxxxx
Xxxxx, Xxxxxx X. Xxxxxxxx, Xxxxxxx Xxxxxxxx, Xxxxx Xxxxxxxx; and the following
persons with respect to Sections 5, 6, 7, and 8: Xxxx X. Xxxxx Xx. and Xxxxx
Xxxxxxxxx (“Additional
Xxxxxx Holders”).
Capitalized
terms used herein and not defined herein have the meanings set forth in the
Subordination Agreement dated as of January 31, 2006 among the Lenders, the
Company and others (the “Subordination
Agreement”).
R
E C I T A L S
WHEREAS
the
Company and one or more Lenders have entered into the June 2005 Loan Agreement,
the September 2005 Loan Agreement, the November 2005 Loan Agreement and the
January 2006 Loan Agreement (collectively, the “Loan
Agreements”)
and
such other agreements, notes and instruments executed in connection with such
loan agreements (collectively, the “Loan
Documents”);
and
WHEREAS,
the
Company and certain Lenders and the Additional Xxxxxx Holders are parties to
the
Xxxxxx Note (as defined in the Subordination Agreement); and
WHEREAS,
pursuant
to Section 1(a) of the Omnibus Amendment dated August 16, 2006 among the parties
hereto (the “August
2006 Omnibus Amendment”),
Section 5.12 was added to each Loan Agreement to grant the Lenders the right
to
convert their Notes under certain circumstances into equity securities of the
Company (the “August
2006 Rollover Right”);
WHEREAS,
pursuant
to Section 1(a) of the Omnibus Amendment dated November 30, 2006 among the
parties hereto (the “November
2006 Omnibus Amendment”),
Section 5.12 of each Loan Agreement was amended and restated to grant the
Lenders a the right to convert their Notes under certain circumstances into
equity securities of the Company (the “November
2006 Rollover Right”);
WHEREAS,
pursuant
to Section 1(a) of the Omnibus Amendment dated March 30, 2007 among the parties
hereto (the “March
2007 Omnibus Amendment”),
Section 5.12 of each Loan Agreement was amended and restated to grant the
Lenders a the right to convert their Notes under certain circumstances into
equity securities of the Company (the “March
2007 Rollover Right”);
WHEREAS,
the
Company and the Lenders wish to amend and restate in its entirety the March
2007
Rollover Right as provided herein modified and provide for additional bridge
loan commitments by certain Lenders.
NOW,
THEREFORE,
in
consideration of the mutual covenants herein contained, the parties mutually
agree as follows:
1
1.
Amendments:
(a) The
January 2006 Loan Agreement is amended by adding thereto Schedule 1.3B attached
hereto and by deleting Section 1.1 in its entirety and replacing same with
the
following:
“1.1
TERM LOAN
On
the terms and subject to the conditions of this Agreement, each Lender severally
agrees to make to the Company on the Closing Date a term loan (each, a
“Loan”)
in
a principal amount equal to such Lender’s initial Commitment. The Lenders shall
make additional Loans commencing November 2006, as set forth in Section 1.3,
and
may, in their sole and absolute discretion, make additional Loans to the Company
as provided in Section 1.3 hereof. The Company and the Lenders acknowledge
and
agree that no Lender is under any obligation to make any Loan in excess of
its
respective Commitment. No amounts paid or prepaid with respect to any Loan
may
be reborrowed.”
;and
by
amending and restating the definition of Commitment in Article XVI as
follows;
““Commitment”
means, with respect to each Lender, the commitment of such Lender to make such
Loan hereunder. The initial amount of the Commitment of each of Essex, Care
Capital and Xxxxx is set forth opposite its signature hereto. The additional
mandatory Commitments of the Lenders are set forth in Section 1.3. The
Commitment of each Additional Lender and/or any additional Commitment of Essex,
Care Capital and/or Xxxxx will be set forth opposite its signature on the
Joinder Agreement to which it is a party.”
;
and by
replacing Section 1.3 thereof with the following
“1.3 CLOSING
The
initial closing (the “Closing”)
at
which the Loans from Essex, Care Capital and Xxxxx shall be disbursed to the
Company will take place at the offices of St. Xxxx & Xxxxx, L.L.C., Xxx Xxxx
Xxxxx Xxxx, Xxxxxx, Xxx Xxxxxx 00000 upon the satisfaction of the conditions
to
Closing set forth in this Agreement on the date hereof, or such other place,
time and date as shall be mutually agreed to by the Company and the Lenders.
Each Lender agrees to fund additional Loans (“Mandatory Loans”) upon the
Company’s written request during the months and in the percentage of the monthly
amount specified next to each Lender’s name on Schedule 1.3 attached hereto and
on Schedule 1.3A attached hereto and on Schedule 1.3B attached hereto. The
Company will provide each Lender at least ten days notice of the date of the
Closing of a Mandatory Loan (which date shall be binding on all parties), and
the amount of Lender’s funding Commitment (based on the Lender’s commitment
percentage set forth on Schedule 1.3, Schedule 1.3A and Schedule 1.3B). Any
amounts not borrowed by the Company during any month may be borrowed by the
Company from the Lenders (and will be funded by the Lenders according to each
Lender’s commitment percentage) in succeeding months until the earlier of (i)
the date advanced to the Company under this Agreement, or (ii) September 30,
2007. The Company and the Lenders acknowledge and agree that additional Loans
(“Non-Mandatory Loans”) may be funded to the Company by any one or more of
Xxxxx, Care Capital, Essex and any Additional Lender pursuant to the terms
of
this Agreement on one or more Closing Dates; provided,
however,
that (i) the aggregate principal amount of the Non-Mandatory Loans shall not
exceed $1,000,000 without the prior written consent of any two (2) of Essex,
Care Capital and Xxxxx,(ii) no such Additional Lender may participate without
the prior written consent of any two (2) of Essex, Care Capital and Xxxxx,
and
(iii) no Lender is under any obligation to fund any Loan other than its
respective Commitment. Upon the funding of any additional Loans (whether
Mandatory Loans or Non-Mandatory Loans), under this Agreement, the Company
and
each Lender and/or Additional Lender making a Loan shall be required to execute
a Joinder Agreement, which Joinder Agreement shall specify the Commitment of
such Lender and/or Additional Lender. Any Additional Lender executing a Joinder
Agreement shall be deemed a “Lender” for all purposes of this Agreement. On the
date of a Closing (each a “Closing
Date”),
the Company shall deliver to each Lender at such Closing a Note, dated the
applicable Closing Date, in the principal amount equal to such Lender’s
Commitment or, in the event Xxxxx, Care Capital and/or Essex shall make an
additional Loan hereunder, the Company shall issue to such Lender an additional
Note dated the applicable Closing Date in the principal amount equal to such
Lender’s additional Commitment. The Company shall deliver the foregoing Notes
against receipt by the Company from each Lender of an amount equal to the
Commitment of such Lender, in each case by wire transfer in immediately
available funds in U.S. dollars to an account designated by the Company.
Notwithstanding anything to the contrary herein, no Lender shall be required
in
any circumstances to make Mandatory Loans (x) in an aggregate amount that
exceeds the aggregate amount of such Lender’s committed amount set forth on
Schedule 1.3, Schedule 1.3A, and Schedule 1.3B or (y) at any time after the
occurrence and during the continuance of an Event of Default (including, for
such purposes, after any event, fact or occurrence that, with the passage of
time or giving of notice, would become an Event of Default) .”;
and
2
| (b) |
Each
of the June 2005 Loan Agreement, the September 2005 Loan Agreement,
the
November 2005 Loan Agreement and the January 2006 Loan Agreement is
amended as follows:
|
| (i) |
Section
5.12 is hereby deleted in its entirety and replaced with the
following:
|
5.12. ROLLOVER
RIGHT
Each
Lender shall have the one-time right (the “Rollover
Right”)
on
the terms provided below, to purchase, through the conversion of all or any
portion of such Lender’s Notes (including principal and accrued and unpaid
interest), securities of the Company, on the first to occur of a Third-Party
Investor Financing, a Conversion Change of Control Transaction or the Maturity
Date (each a “Material
Event”)
after the date hereof, under the terms and conditions set forth in this Section
5.12. Any portion of such Notes which are not so converted pursuant to this
Section 5.12 shall become immediately due and payable simultaneously with such
Material Event.
3
(a) Simultaneous
with the completion of an equity financing pursuant to which the Company issues
its common stock or other equity securities of the Company and, after the
effectiveness thereof, the Company will have cumulatively received at least
$5
million in gross proceeds from equity financings after the date hereof
(including all equity financings after the date hereof, including such final
financing which causes the aggregate cumulative proceeds to exceed $5 million,
but expressly excluding the principal and interest under the Notes for which
a
Lender’s Rollover Right is exercised) from unaffiliated, thirty-party investors
(a “Third-Party Investor Financing”) other than (i) issuances of options or
restricted stock units to employees, consultants or directors, (ii) interest
on
debt payable in common stock or (iii) pursuant to the conversion of warrants,
options, restricted stock units or other convertible securities outstanding
on
the date hereof, each Lender may convert all or any portion (except as provided
below) of its Notes, at the option of such Lender, under either (but not both
or
a combination of each) of the following:
(i)
into the same equity securities as are issued in such Third-Party Investor
Financing on the same terms as provided in such Third-Party Investor Financing
(but at (A) for all Notes other than the March 2007 to May 2007 Bridge Notes
and
the Future Bridge Notes, the average price of all equity securities sold that
have combined to exceed the cumulative $5 million in proceeds, and (B) for
the
March 2007 to May 2007 Bridge Notes and the Future Bridge Notes, 80% of the
average price of all equity securities sold that have combined to exceed the
cumulative $5 million in proceeds), provided that the conversion price per
share
of Common Stock determined pursuant to subsection (A) and (B) shall in no event
be less than $0.21, or
(ii)
(A) for Notes issued in or prior to November 2005 (the “June to November 2005
Bridge Notes”), convert such Notes into Common Stock at a price of $0.20 per
share, (B) for Notes issued after November 2005 and in or prior to May 2006
(the
“January to May 2006 Bridge Notes”), convert such Notes into Common Stock at a
price of $0.225 per share; (C) for Notes issued after May 2006 and in or prior
to October 2006 (the “June to October 2006 Bridge Notes”), convert such Notes
into Common Stock at a price of $0.25 per share; (D)
for Notes issued or to be issued under the Loan Agreement dated January 31,
2006
after October 2006 but prior to March, 2007 (the “November 2006 to February 2007
Bridge Notes”), convert such Notes into Common Stock at a conversion price equal
to the lesser of (X) 80% of the average of the closing bid and asked prices
of
the Common Stock for the twenty (20) trading days immediately preceding the
public announcement of the Third-Party Investor Financing, (Y) the average
price
of the equity securities sold that have combined to exceed the cumulative $5
million in proceeds, and (Z) $0.44 per share; provided that the conversion
price
per share of Common Stock determined pursuant to subsection (X) and (Y) above
shall in no event be less than $0.21; provided further that a Lender choosing
this option must convert all (and not less than all) of its Notes pursuant
to
this option; (E) for Notes issued or to be issued under the Loan Agreement
dated
January 31, 2006 after February 2007 but prior to June, 2007 (the “March 2007 to
May 2007 Bridge Notes”), convert such Notes into Common Stock at a conversion
price equal to the lesser of (X) 80% of the average of the closing bid and
asked
prices of the Common Stock for the twenty (20) trading days immediately
preceding the public announcement of the Third-Party Investor Financing, (Y)
80%
of the average price of the equity securities sold that have combined to exceed
the cumulative $5 million in proceeds, and (Z) $0.46 per share; provided that
the conversion price per share of Common Stock determined pursuant to subsection
(X) and (Y) above shall in no event be less than $0.21; provided further that
a
Lender choosing this option must convert all (and not less than all) of its
Notes pursuant to this option; and (F) for other Notes issued or to be issued
under the Loan Agreement dated January 31, 2006 during June 2007 or thereafter
(the “Future Bridge Notes”), convert such Notes into Common Stock at a
conversion price equal to the lesser of (X) 80% of the average of the closing
bid and asked prices of the Common Stock for the twenty (20) trading days
immediately preceding the public announcement of the Third-Party Investor
Financing, (Y) 80% of the average price of the equity securities sold that
have
combined to exceed the cumulative $5 million in proceeds, and (Z)
$0.46 per
share; provided that the conversion price per share of Common Stock determined
pursuant to subsection (X) and (Y) above shall in no event be less than $0.21;
provided further that a Lender choosing this option must convert all (and not
less than all) of its Notes pursuant to this option.
4
(b) Simultaneous
with the completion of the first Conversion Change of Control Transaction to
occur after the date hereof, each Lender may, at the option of such Lender
convert all (and not less than all) of its Notes as follows, (i) for the June
to
November 2005 Bridge Notes, convert such Notes into Common Stock at a price
of
$0.20 per share, (ii) for the January to May 2006 Bridge Notes, convert such
Notes into Common Stock at a price of $0.225 per share; (iii) for the June
to
October 2006 Bridge Notes, convert such Notes into Common Stock at a price
of
$0.25 per share; and
(iv) for the November 2006 to February 2007 Bridge Notes, the March 2007 to
May
2007 Bridge Notes and the Future Bridge Notes convert such Notes into Common
Stock at a price equal to 80% of the value per fully diluted share of the
Company’s common stock provided in the Conversion Change of Control Transaction,
but in no event less than $0.21 per share; provided, however, that if such
Conversion Change of Control Transaction is a transaction of the type described
in subsection (D) or (E) of the definition of Conversion Change of Control
Transaction below, (i) each Lender’s November 2006 to February 2007 Bridge Notes
will be convertible, at the option of such Lender, into Common Stock at a price
equal to the lesser of (X) 80% of the average closing bid and asked prices
of
the Common Stock for the twenty (20) trading days immediately preceding the
public announcement of such Conversion Change of Control Transaction, but in
no
event less than $0.21 per share; and (Y) $0.44 per share; (ii) each Lender’s
March 2007 to May 2007 Bridge Notes will be convertible, at the option of such
Lender, into Common Stock at a price equal to the lesser of (X) 80% of the
average closing bid and asked prices of the Common Stock for the twenty (20)
trading days immediately preceding the public announcement of such Conversion
Change of Control Transaction, but in no event less than $0.21 per share; and
(Y) $0.46 per share; and (iii) each Lender’s Future Bridge Notes will be
convertible, at the option of such Lender, into Common Stock at a price equal
to
the lesser of (X) 80% of the average closing bid and asked prices of the Common
Stock for the twenty (20) trading days immediately preceding the public
announcement of such Conversion Change of Control Transaction, but in no event
less than $0.21 per share; and (Y) $0.46
per
share. For purposes hereof, a Conversion Change of Control Transaction shall
mean any
of the following in one or a series of related transactions:(A) the acquisition
(other than solely from the Company) by any individual, entity or group (within
the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act)
other than the Company, any Subsidiary, any Lender or its Affiliates or GCE
Holdings, LLC or its Affiliates, of the beneficial ownership (within the meaning
of Rule 13d-3 promulgated under the Securities Exchange Act) of more than
sixty-six and 2/3 percent (66.66%) of the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in
the
election of directors (the “Voting Securities”); (B) a merger, consolidation,
share exchange, recapitalization, business combination or similar combination
involving the Company or its capital stock (a "Business
Combination"),
other than a Business Combination in which more than thirty-three and 1/3
percent (33.33%) of the combined voting power of the outstanding voting
securities of the surviving or resulting entity immediately following the
Business Combination is held by the persons who, immediately prior to the
Business Combination, were the holders of the Voting Securities; (C) a sale
or
other transfer (other than license) of all or substantially all of the Company’s
assets (measured by the value or earning power of the assets); (D) the license
or similar agreement by the Company to a third party of all or substantially
all
rights in and to the Company’s Aversion® technology and, as a result of such
transaction, all or substantially all of the Company’s activities consist of
monitoring such arrangements and collecting fees and payments due thereunder;
or
(E) a liquidation or dissolution of the Company.
5
(c) At
the Maturity Date (as the same may be extended pursuant to Section 2.2 hereof)
each
Lender may, at the option of such Lender, convert all (and not less than all)
of
its Notes as follows, (i) for the June to November 2005 Bridge Notes, convert
such Notes into Common Stock at a price of $0.20 per share, (ii) for the January
to May 2006 Bridge Notes, convert such Notes into Common Stock at a price of
$0.225 per share; (iii) for the June to October 2006 Bridge Notes, convert
such
Notes into Common Stock at a price of $0.25 per share; (iv)
for the November 2006 to February 2007 Bridge Notes convert such Notes into
Common Stock at the lesser of (X) 80% of the average of the closing bid and
asked prices of the Common Stock for the twenty (20) trading days immediately
preceding the Maturity Date, but in no event less than $0.21 per share, and
(Y)
$0.44 per share; (v) for the March 2007 to May 2007 Bridge Notes convert such
Notes into Common Stock at the lesser of (X) 80% of the average of the closing
bid and asked prices of the Common Stock for the twenty (20) trading days
immediately preceding the Maturity Date, but in no event less than $0.21 per
share, and (Y) $0.46 per share; and (vi)
for the Future Bridge Notes convert such Notes into Common Stock at the lesser
of (X) 80% of the average of the closing bid and asked prices of the Common
Stock for the twenty (20) trading days immediately preceding the Maturity Date,
but in no event less than $0.21 per share, and (Y) $0.46 per
share.
(d) The
Company shall give each Lender written notice (a “Material
Event Notice”)
of
the first Material Event to occur after the date hereof, which notice shall
be
provided not later than 20 days prior to the closing of said transaction (or,
in
the case of the Maturity Date, the Maturity Date) and describe the material
terms of such transaction, (or, in the case of the Maturity Date, state the
Maturity Date), the proposed closing date and the principal amount and interest
accrued on the Lender’s outstanding Notes.
(e) Each
Lender may exercise its Rollover Right with respect to the first Material Event
to occur after the date hereof by (i) providing written notice to the Company
exercising such Rollover Right, and (ii) surrendering such Lender’s applicable
Notes, in each case not later than five (5) days prior to the effectiveness
of
the Material Event (the “Rollover
Right Exercise Period”).
If the material terms of the actual Material Event differ in any material
respect from those specified in the Material Event Notice, each Lender shall
be
given the opportunity change the conversion election they had made under the
prior terms (including to elect to convert if they previously did not do
so).
(f) Upon
a Lender’s timely exercise of the Rollover Right pursuant to Section 5.12(e)
above, the issuance of the Company’s equity securities upon conversion of such
Lender’s Notes in the applicable Material Event shall occur simultaneous with
the closing of such Material Event (or, in the case of the Maturity Date, on
the
Maturity Date).
(g) Subject
to the last sentence of Section 5.12(e), and provided that the Company has
complied with the terms of this Section 5.12, the Rollover Right provided in
this Section 5.12 shall apply solely to the first Material Event occurring
after
the date hereof, and shall terminate upon the earlier of (i) the expiration
of
the Rollover Right Exercise Period (if not exercised by such Lender pursuant
to
Section 5.12(e)) and (ii) the closing of the first Material Event (or, in the
case of the Maturity Date, the Maturity Date) occurring after the date
hereof.
| (c) |
Each
of the June 2005 Notes, the September 2005 Notes, the November 2005
Notes
and the January 2006 Notes (collectively, the “Notes”) (and each of the
forms of such Notes attached to the June 2005 Loan Agreement, the
September 2005 Loan Agreement, the November 2005 Loan Agreement and
the
January 2006 Loan Agreement) is amended by appending the following
additional section to such note (to the extent not already included
therein):
|
“References
to Loan Agreement.
References to the Loan Agreement in this Note shall mean references to the
Loan
Agreement, as amended, and as the same may be further amended, supplemented
or
modified from time to time.”
| (d) |
In
the event a Replacement Note (as hereinafter defined) is issued pursuant
to Section 4 hereof, then in such Replacement Note the words “Secured
Promissory Note” shall be replaced with “Amended and Restated Promissory
Secured Note” and the following section shall be appended thereto:
|
6
“Amended
and Restated Secured Promissory Note.
This Amended and Restated Secured Promissory Note issued by the Company in
favor
of the Payee amends and restates in its entirety, and is issued by the Company
in replacement of and substitution for a Secured Promissory Note of identical
principal amount issued to Payee pursuant to the Loan Agreement(the “Original
Note”). The Company and the Payee acknowledge and agree that upon the execution
delivery of this Amended and Restated Secured Promissory Note, the Original
Note
shall be null and void and of no further legal force or effect.
“
The
form
of such Replacement Note shall be also be attached to the applicable Loan
Agreement
as an acceptable form of note to be issued pursuant thereto.
2. References
to Loan Documents:
Any
reference to any Loan Document in any other Loan Document shall mean the Loan
Document, as amended hereby.
3.
Attachment
to All Notes:
The
Lenders covenant to give a copy of this Omnibus Amendment and Consent to any
purchaser of the June 2005 Notes, the September 2005 Notes, the November 2005
Notes or the January 2006 Notes prior to the actual purchase and to attach
a
copy of this Omnibus Amendment and Consent to any of such notes where the
undersigned is the named payee or holder.
4. Amended
and Restated Notes.
Upon
request of the Company, each Lender agrees to deliver to the Company any of
the
June 2005 Notes, the September 2005 Notes, the November 2005 Notes or the
January 2006 Notes issued to them, in exchange for an amended and restated
Note
(the “Replacement
Note”)
incorporating the amendments set forth in this Omnibus Amendment and Consent.
5. Subordination
Agreement. Each
Lender and Additional Xxxxxx Holder agrees to the provisions of this Omnibus
Amendment and Consent, including without limitation, to the amendments to the
June 2005, September 2005 Notes, the November 2005 Notes and the January 2006
Notes and acknowledges that the Subordination Agreement shall remain in full
force and effect .
6. Notes
and Agreements Not Assigned. The
undersigned Lenders and Additional Xxxxxx Holders acknowledge that they have
not
transferred, conveyed or assigned any of the Xxxxxx Note, the June 2005 Notes,
the September 2005 Notes, the November 2005 Notes or the January 2006 Notes
issued to them and the undersigned Lenders and Additional Xxxxxx Holders
acknowledge that they have not assigned any rights under the Loan Documents
or
under the Subordination Agreement.
7. Interest
Payable to Lenders in Stock; Prepayments. Notwithstanding
anything in the Loan Documents to the contrary (except as set forth in Section
5.12 thereof), the Company (a) may, at the Company’s option, in full payment of
all payments of interest on the Notes to the undersigned Lenders (“Interest
Due”)
make
payment of the Interest Due in such number of shares of Common Stock of the
Company equal to the quotient of the Interest Due such Lender, divided by the
average of the closing bid and asked price of the Company’s Common Stock for the
five (5) trading days immediately preceding the due date of such Interest Due,
as reported by the Nasdaq OTCBB, and (b) may not prepay the principal amount
of
any Note, or any interest thereon, in whole or in part, at any time without
the
prior written consent of the holder thereof.
7
8.
Counterparts:
This
Omnibus Amendment and Consent may be executed in one or more counterparts and
by
different parties hereto in separate counterparts, including by facsimile,
each
of which when so executed and delivered shall be deemed an original, but all
such counterparts together shall constitute but one and the same instrument.
9.
Governing
Law:
THIS
OMNIBUS AMENDMENT AND CONSENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF
THE
STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS.
8
IN
WITNESS WHEREOF, each of the Parties have caused this Omnibus Amendment and
Consent to be duly executed and delivered as of the day and year first above
written.
| ACURA PHARMACEUTICALS, INC. | ||
| |
|
|
| By: | /s/ Xxxxx X. Xxxxxxx | |
|
Name: Xxxxx X. Xxxxxxx |
||
| Title: Sr. Vice President and CFO | ||
|
ACURA
PHARMACEUTICAL
TECHNOLOGIES
, INC.
|
||
| |
|
|
| By: | /s/ Xxxxx X. Xxxxxxx | |
|
Name: Xxxxx X. Xxxxxxx |
||
| Title: Sr. Vice President and CFO | ||
| LENDER
AND AGENT:
XXXXX
PARTNERS III, L.P.
By:
Claudius, L.L.C., General Partner
000
Xxxxx Xxxxxx, 0xx
Xx.
Xxx
Xxxx, Xxx Xxxx 00000
|
LENDER:
CARE
CAPITAL OFFSHORE INVESTMENTS II, LP
By:
Care Capital II, LLC, as general partner
00
Xxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxx,
XX 00000
|
||
| /s/ Xxxxx Xxxxxx | By: | /s/ Xxxxx Xxxxxx | |
|
By:
Xxxxx Xxxxxx
|
By: |
Xxxxx X. Xxxxxx |
|
|
Its:
General Partner
|
Its: | Authorized Signatory | |
|
LENDER:
XXXXX
PARTNERS INTERNATIONAL, III, L.P.
By:
Claudius, L.L.C., General Partner
000
Xxxxx Xxxxxx, 0xx
Xxxxx
Xxx
Xxxx, Xxx Xxxx 00000
|
LENDER:
CARE
CAPITAL INVESTMENTS II, LP
By:
Care Capital II, LLC, as general partner
00
Xxxxxxx Xx., Xxxxx 000
Xxxxxxxxx,
XX 00000
|
||
| /s/ Xxxxx Xxxxxx | By: | /s/ Xxxxx Xxxxxx | |
|
By:
Xxxxx Xxxxxx
|
By: |
Xxxxx X. Xxxxxx |
|
|
Its:
General Partner
|
Title: | Authorized Signatory | |
|
LENDER:
XXXXX
EMPLOYEE FUND III, L.P.
By:
Wesson Enterprises, Inc.
000
Xxxxx Xxxxxx, 0xx
Xxxxx
Xxx
Xxxx, Xxx Xxxx 00000
|
LENDER:
ESSEX
WOODLANDS HEALTH
VENTURES
V, L.P.
000
Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx,
XX 00000
|
||
| /s/ Xxxxx Xxxxxx | /s/ Xxxxxxxx Xxxxxxxxx | ||
|
By: Xxxxx Xxxxxx |
By: Xxxxxxxx Xxxxxxxxx |
||
|
Its:
General Partner
|
Its:
Managing
Director
|
||
|
LENDER:
XXXXXXX
XXXXXXXX
0000
Xxxx Xxxxx Xxxx
Xxxxxxxx,
Xxxxxxxxxxxx 00000
|
LENDER:
XXXXX
XXXXXXXX
0000
Xxxx Xxxxx Xxxx
Xxxxxxxx,
Xxxxxxxxxxxx
00000
|
||
| /s/ Xxxxxxx Xxxxxxxx | /s/ Xxxxx Xxxxxxxx | ||
|
|
|
||
|
LENDER:
XXXXXX
XXXXX
000
Xxxxxx Xxxx
Xxxxxx,
Xxxxxxxxxxxx
00000
|
LENDER:
XXXXXX
X. XXXXXXXX
000
Xxxxx Xxxx
Xxxxxxxxx,
XX
00000
|
||
| /s/ Xxxxxx Xxxxx | /s/ Xxxxxx Xxxxxxxx | ||
|
|
|
||
|
ADDITIONAL
XXXXXX HOLDER:
XXXXX
XXXXXXXXX
XX
Xxxxxx LLC
000
Xxxx 00xx Xxxxxx, 0xx Xxxxx
Xxx
Xxxx, Xxx Xxxx
00000
|
ADDITIONAL
XXXXXX HOLDER:
XXXX
X. XXXXX, XX.
000
X. Xxxxxxxxxx Xxxxxx
Xxxxxxxxx,
Xxxxxxxxxxxx
00000
|
||
| /s/ Xxxxx Xxxxxxxxx | /s/ Xxxx Xxxxx | ||
|
|
|
||
Schedule
1.3
Funding
Schedule of $ 2,000,000 in Bridge Loans
All
Amounts Under This Schedule Have Already Been Funded
|
Lender
Name
|
Month
Commitment to be Funded
|
Commitment
Amount
|
Percentage
of Commitment
|
|||||
|
XXXXX
PARTNERS III, L.P.
|
November
2006
|
$
|
203,014.61
|
30.452191
|
%
|
|||
|
XXXXX
PARTNERS INTERNATIONAL, III, L.P.
|
$
|
18,376.31
|
2.756447
|
%
|
||||
|
XXXXX
EMPLOYEE FUND III, L.P.
|
$
|
831.31
|
0.124696
|
%
|
||||
|
ESSEX
WOODLANDS HEALTH VENTURES V, L.P.
|
$
|
222,222.20
|
33.33333
|
%
|
||||
|
CARE
CAPITAL INVESTMENTS II, LP
|
$
|
207,955.53
|
31.19333
|
%
|
||||
|
CARE
CAPITAL OFFSHORE INVESTMENTS II, LP
|
$
|
14,266.67
|
2.14000
|
%
|
||||
|
TOTAL
FOR NOVEMBER 2006
|
$
|
666,666.67
|
||||||
|
XXXXX
PARTNERS III, L.P.
|
December
2006
|
$
|
203,014.61
|
30.452191
|
%
|
|||
|
XXXXX
PARTNERS INTERNATIONAL, III, L.P.
|
$
|
18,376.31
|
2.756447
|
%
|
||||
|
XXXXX
EMPLOYEE FUND III, L.P.
|
$
|
831.31
|
0.124696
|
%
|
||||
|
ESSEX
WOODLANDS HEALTH VENTURES V, L.P.
|
$
|
222,222.20
|
33.33333
|
%
|
||||
|
CARE
CAPITAL INVESTMENTS II, LP
|
$
|
207,955.53
|
31.19333
|
%
|
||||
|
CARE
CAPITAL OFFSHORE INVESTMENTS II, LP
|
$
|
14,266.67
|
2.14000
|
%
|
||||
|
TOTAL
FOR DECEMBER 2006
|
$
|
666,666.67
|
||||||
|
XXXXX
PARTNERS III, L.P.
|
January
2007
|
$
|
203,014.61
|
30.452191
|
%
|
|||
|
XXXXX
PARTNERS INTERNATIONAL, III, L.P.
|
$
|
18,376.31
|
2.756447
|
%
|
||||
|
XXXXX
EMPLOYEE FUND III, L.P.
|
$
|
831.31
|
0.124696
|
%
|
||||
|
ESSEX
WOODLANDS HEALTH VENTURES V, L.P.
|
$
|
222,222.20
|
33.33333
|
%
|
||||
|
CARE
CAPITAL INVESTMENTS II, LP
|
$
|
207,955.53
|
31.19333
|
%
|
||||
|
CARE
CAPITAL OFFSHORE INVESTMENTS II, LP
|
$
|
14,266.67
|
2.14000
|
%
|
||||
|
TOTAL
FOR JANUARY 2007
|
$
|
666,666.67
|
||||||
Schedule
1.3A
Funding
Schedule of $ 1,200,000 in Bridge Loans
All
Amounts Under This Schedule Have Already Been Funded
|
Lender
Name
|
Month
Commitment to be Funded
|
Commitment
Amount
|
Percentage
of Commitment
|
|||||
|
XXXXX
PARTNERS III, L.P.
|
March
2007
|
$
|
182,713.15
|
30.452191
|
%
|
|||
|
XXXXX
PARTNERS INTERNATIONAL, III, L.P.
|
$
|
16,538.68
|
2.756447
|
%
|
||||
|
XXXXX
EMPLOYEE FUND III, L.P.
|
$
|
748.18
|
0.124696
|
%
|
||||
|
ESSEX
WOODLANDS HEALTH VENTURES V, L.P.
|
$
|
199,999.98
|
33.33333
|
%
|
||||
|
CARE
CAPITAL INVESTMENTS II, LP
|
$
|
187,159.98
|
31.19333
|
%
|
||||
|
CARE
CAPITAL OFFSHORE INVESTMENTS II, LP
|
$
|
12,840.00
|
2.14000
|
%
|
||||
|
TOTAL
FOR March 2007
|
$
|
600,000
|
||||||
|
XXXXX
PARTNERS III, L.P.
|
April
2007
|
$
|
91,356.57
|
30.452191
|
%
|
|||
|
XXXXX
PARTNERS INTERNATIONAL, III, L.P.
|
$
|
8,269.34
|
2.756447
|
%
|
||||
|
XXXXX
EMPLOYEE FUND III, L.P.
|
$
|
374.09
|
0.124696
|
%
|
||||
|
ESSEX
WOODLANDS HEALTH VENTURES V, L.P.
|
$
|
99,999.99
|
33.33333
|
%
|
||||
|
CARE
CAPITAL INVESTMENTS II, LP
|
$
|
93,579.99
|
31.19333
|
%
|
||||
|
CARE
CAPITAL OFFSHORE INVESTMENTS II, LP
|
$
|
6,420.00
|
2.14000
|
%
|
||||
|
TOTAL
FOR April 2007
|
$
|
300,000
|
||||||
|
XXXXX
PARTNERS III, L.P.
|
May
2007
|
$
|
91,356.57
|
30.452191
|
%
|
|||
|
XXXXX
PARTNERS INTERNATIONAL, III, L.P.
|
$
|
8,269.34
|
2.756447
|
%
|
||||
|
XXXXX
EMPLOYEE FUND III, L.P.
|
$
|
374.09
|
0.124696
|
%
|
||||
|
ESSEX
WOODLANDS HEALTH VENTURES V, L.P.
|
$
|
99,999.99
|
33.33333
|
%
|
||||
|
CARE
CAPITAL INVESTMENTS II, LP
|
$
|
93,579.99
|
31.19333
|
%
|
||||
|
CARE
CAPITAL OFFSHORE INVESTMENTS II, LP
|
$
|
6,420.00
|
2.14000
|
%
|
||||
|
TOTAL
FOR May 2007
|
$
|
300,000
|
||||||
Schedule
1.3B
|
Lender
Name
|
Month
Commitment to be Funded
|
Commitment
Amount
|
Percentage
of Commitment
|
|||||
|
XXXXX
PARTNERS III, L.P.
|
July
2007
|
$
|
182,713.15
|
30.452191
|
%
|
|||
|
XXXXX
PARTNERS INTERNATIONAL, III, L.P.
|
$
|
16,538.68
|
2.756447
|
%
|
||||
|
XXXXX
EMPLOYEE FUND III, L.P.
|
$
|
748.18
|
0.124696
|
%
|
||||
|
ESSEX
WOODLANDS HEALTH VENTURES V, L.P.
|
$
|
200,000.00
|
33.3333333
|
%
|
||||
|
CARE
CAPITAL INVESTMENTS II, LP
|
$
|
187,159.98
|
31.19333
|
%
|
||||
|
CARE
CAPITAL OFFSHORE INVESTMENTS II, LP
|
$
|
12,840.00
|
2.14000
|
%
|
||||
|
TOTAL
FOR July 2007
|
$
|
600,000
|
||||||
