Acerus Pharmaceuticals Corporation today announced that it has amended the promissory note (the “ Note ”) in the amount of US$4.91 million related to the up-front fee owed to former Serenity Pharmaceuticals LLC (“Serenity”) securityholders.
TORONTO, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Acerus Pharma Corporation (the “Company” or “Acerus”) (TSX:ASP; OTCQB:ASPCF) today announced that it has amended the promissory note (the “Note”) in the amount of US$4.91 million related to the up-front fee owed to former Serenity Pharmaceuticals LLC (“Serenity”) securityholders. The securityholder representative and Acerus agreed that the amount of the note would be increased to US$7.75 million. Repayment of the Note would be done via a payment schedule commencing the last business day of each calendar quarter following the calendar quarter in which the achievement of the first commercial sale of NOCTIVA in the United States (“First Commercial Sale”). The increase in the face value of the promissory note reflects the estimated interest cost associated with the progress payment schedule noted below. Payments will now occur as follows:
| Payment on end of Quarter following Quarter in which First Commercial Sale Occurs | Amount (In USD ‘000s) | |
| First | $200 | |
| Second | $225 | |
| Third | $250 | |
| Fourth | $300 | |
| Fifth | $350 | |
| Sixth | $450 | |
| Seventh | $550 | |
| Eighth | $650 | |
| Ninth | $750 | |
| Tenth | $900 | |
| Eleventh | $1,100 | |
| Twelfth | $1,500 | |
| Maturity Date | $525 | |
| Total Amount: $7,750 | ||
In addition, the securityholder representative and Acerus agreed to amend the maturity date so that it would occur on the last day of the thirteenth calendar quarter following quarter in which First Commercial Sale occurs.
This amendment will allow Acerus more time to complete its previously announced strategic review.
About Acerus
Acerus Pharmaceuticals Corporation is a specialty pharmaceutical company focused on the commercialization and development of innovative prescription products that improve patient experience, with a primary focus in the field of men’s health. The Company commercializes its products via its own salesforce in the United States and Canada, and through a global network of licensed distributors in other territories.
Acerus’ shares trade on TSX under the symbol ASP and on OTCQB under the symbol ASPCF. For more information, visit www.aceruspharma.com and follow us on Twitter and LinkedIn.
Notice regarding forward-looking statements
Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the company is subject to a number of risks and uncertainties, including with respect to, the Company’s ability to meet its obligations under the Note, the commercial performance of NATESTO® and NOCTIVA® globally and in the U.S. as well as the ability of the Company to secure financing to pay the Note at maturity and execute on its strategy, and could differ materially from what is currently expected as set out above. For more exhaustive information on these risks and uncertainties you should refer to our annual information form dated March 14, 2022 that is available on www.sedar.com. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Company Contact
Robert Motz
Chief Financial Officer
(289) 326-5791
ir@aceruspharma.com
