Key Developments: Nupathe Inc (PATH.O)
3.17USD
24 May 2013
$0.06 (+1.93%)
$3.11
$3.12
$3.24
$3.06
93,450
154,032
$4.59
$2.47
Latest Key Developments (Source: Significant Developments)
FDA Approves NuPathe Inc's Zecuity For Acute Treatment Of Migraine
NuPathe Inc announced that U.S. Food and Drug Administration (FDA) has approved Zecuity sumatriptan iontophoretic transdermal system) for the acute treatment of migraine with or without aura in adults. Zecuity is a single-use, battery-powered patch that actively delivers sumatriptan, the most widely prescribed migraine medication, through the skin. Zecuity provides relief of both migraine headache pain and migraine-related nausea (MRN). Full Article
NuPathe Inc Secures $8.5 Million Term Loan
NuPathe Inc announced that it has entered into a $8.5 million term loan agreement with Hercules Technology Growth Capital. The term loan provides for interest-only payments for the first twelve months, has no requirement for restricted cash balances, and has a total maturity period of 42 months. The loan bears a per annum interest rate of the greater of 9.85% or the prime rate minus 3.25%. The loan is secured by a first position lien on all of NuPathe's assets, excluding intellectual property, which is subject to a negative pledge prohibiting NuPathe from granting liens on such assets to any third parties. Approximately $8.0 million of the loan proceeds will be used to pay off NuPathe's existing term loan facility with the remaining proceeds to be used for general working capital purposes. Hercules received $42,500 in cash, 50,000 shares of common stock and a five-year warrant to purchase 106,631 shares of NuPathe common stock at an exercise price equal to $2.79 per share. Further information with respect to the loan agreement with Hercules will be contained in a Current Report on Form 8-K which NuPathe will file with the Securities and Exchange Commission. Full Article
NuPathe Inc To Cut Half Its Jobs To Conserve Cash-Reuters
Reuters reported that NuPathe Inc said it would cut half of its workforce to reduce costs and focus on the regulatory approval of its experimental migraine patch. The Company said it will reduce expenses related to the marketing of the pain patch and on earlier-stage drug candidates. Full Article
NuPathe Inc Announces $28 Million Private Placement
NuPathe Inc announced that it has entered into agreements with existing and new investors for the sale of $28 million of securities. The securities are being sold as units, with each unit consisting of 1/1,000th of a share of to-be designated Series A preferred stock and a warrant to purchase one share of the Company's common stock. The purchase price per unit is $2.00. Each 1/1,000th of a share of Series A preferred stock will initially be convertible into one share of common stock, accrue quarterly dividends at an initial rate per annum of 8%, have a liquidation preference of $2.00 (plus accrued and unpaid dividends), and have certain other powers, preferences and rights. The holders of the Series A preferred stock shall initially be entitled to elect three directors to the Company's board of directors and certain corporate actions will require the approval of a majority of the outstanding shares of Series A preferred stock. The warrants will initially be exercisable at $2.00 per share and will expire five years from the date of issuance. The Series A preferred stock will automatically convert into common stock and the antidilution feature of the warrants will terminate upon certain specified conditions including the second to occur of FDA approval of the Company's migraine patch (also known as NP101) and an equity financing or other transaction that results in aggregate gross proceeds to the Company of at least $22 million. Full Article
NuPathe Inc Appoints Armando Anido As Chief Executive Officer
NuPathe Inc announced the appointment of Armando Anido as Chief Executive Officer, effective immediately. He succeeds Jane Hollingsworth, who has resigned as Chief Executive Officer and as a member of the Company's Board of Directors. Mr. Anido has also been appointed to the Company's Board of Directors. Full Article
NuPathe Inc Announces Common Stock Purchase Agreement For Up To $30 Million
NuPathe Inc announced the entry into a common stock purchase agreement with Aspire Capital Fund, LLC, which provides that subject to certain conditions and limitations, Aspire has committed to purchase up to $30 million of NuPathe common stock over the next 24 months. Aspire made an initial investment of $500,000 by purchasing 70,721 shares of NuPathe common stock at a purchase price of $7.07 per share, representing a 19% premium to the closing market price on August 2, 2011. Full Article
NuPathe Inc Receives $10 Million In Debt Financing
NuPathe Inc announced that it has received an additional $10 million term loan under its secured credit facility. Full Article
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