State
of New
York
|
1-10113
|
11-0853640
|
(State
of Other Jurisdiction
of
Incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer
Identification Number)
|
(i) |
the
extension of the maturity date of the Bridge Loans from March 31,
2007 to
September 30, 2007;
|
(ii) |
the
continued satisfaction of interest payments in the Registrant’s common
stock based upon the average of the closing bid and asked prices
of the
common stock for the five (5) trading days immediately preceding
the
interest payment date;
|
(iii) |
the
commitment for additional bridge funding to be provided by the VC
Lenders
in the principal amount of up to $600,000 million (after giving effect
to
the Bridge Loan of $600,000 made by the VC Lenders on March
30, 2007
and described in Item 8.01 below); and
|
(iv) |
the
right of the bridge lenders to convert the Bridge Loans (including
the
additional bridge loans to be advanced under subsection (iii) above)
(the
“Bridge Loan Financing”), into the Registrant’s common stock upon the
completion of a third-party equity financing providing gross proceeds
to
the Registrant in the aggregate amount of at least $5 million (a
“Third
Party Equity Financing”), a Change of Control Transaction or upon the
maturity date of the Bridge Loan Financing (each a “Triggering Event”).
Upon the occurrence of a Triggering Event, the bridge
lenders may convert the $2.00 million of Bridge Loans secured from
November 2006 through February 2007 (the “November 2006 Bridge Loans”) and
the Bridge Loans secured March
30, 2007
and any future Bridge Loans into the Registrant’s common stock at a
conversion price equal to (A)
in the case of the completion of a Third Party Equity Financing,
the
lesser of (i) the average price of the securities sold by the Registrant
in such Third Party Equity Financing, (ii) 80% of the average closing
bid
and asked prices of the Registrant’s common stock for the twenty trading
days immediately preceding the public announcement of the Third Party
Equity Financing, and (iii) $0.46 per share ($0.44, in the case of
the
November 2006 Bridge Loans) and (B) in the case of a Change of Control
Transaction or upon the maturity date of the Bridge Loan Financing,
the
lesser of (i) $0.46 per share ($0.44, in the case of the November
2006
Bridge Loans) and (ii) 80% of the average closing bid and asked prices
of
the Registrant’s common stock for the twenty trading days immediately
preceding the public announcement of the Change of Control Transaction
or
the maturity date, as applicable, but in no event in the case of
clauses
(A) and (B), less than $0.21 per share. In addition, upon a Triggering
Event, the bridge lenders may convert (i) $2.55 million of Bridge
Loan
Financing into the Company's common stock at a conversion price of
$0.20
per share, (ii) $2.3 million of Bridge Loan Financing at a conversion
price of $0.225 per share and (iii) $1.894 million of bridge loan
financing at a conversion price of $0.25 per share, and in addition
in the
case of clauses (i)-(iii) of this sentence in a Third Party Equity
Financing, on the same terms as provided in such Third-Party Equity
Financing (but not less than $0.21 per share).
|
Exhibit
Number
|
Description
|
10.1
|
Omnibus
Amendment and Consent effective as of March
30, 2007
between the Registrant and various lenders.
|
99.1
|
Press
Release dated April 2, 2007 Announcing Receipt of Bridge Funding
|
ACURA PHARMACEUTICALS, INC. | ||
|
|
|
By: | /s/ Peter A. Clemens | |
Peter A. Clemens |
||
Senior Vice President & Chief Financial Officer |
Exhibit
Number
|
Description
|
10.1
|
Omnibus
Amendment and Consent effective as of March
30, 2007
between the Registrant and various lenders.
|
99.1
|
Press
Release dated April 2, 2007 Announcing Receipt of Bridge Funding
|
(a) |
The
January 2006 Loan Agreement is amended by adding thereto Schedule
1.3A
attached hereto and by deleting Section 1.1 in its entirety and replacing
same with the following:
|
(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
2.1 is amended to replace “March 31, 2007” with “September 30, 2007 (or
such later date as may be agreed to by Lenders holding not less than
66
2/3% of the outstanding principal amount of the Loans)”; and
|
(ii) |
Section
5.12 is hereby deleted in its entirety and replaced with the
following:
|
(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:
|
(d) |
(e) |
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:
|
ACURA PHARMACEUTICALS, INC. | ||
|
|
|
By: | /s/ Peter A. Clemens | |
Name: Peter A. Clemens |
||
Title: Sr. Vice President and CFO |
ACURA
PHARMACEUTICAL
TECHNOLOGIES
, INC.
|
||
|
|
|
By: | /s/ Peter A. Clemens | |
Name: Peter A. Clemens |
||
Title: Sr. Vice President and CFO |
LENDER
AND AGENT:
GALEN
PARTNERS III, L.P.
By:
Claudius, L.L.C., General Partner
610
Fifth Avenue, 5th
Fl.
New
York, New York 10019
/s/ Bruce
Wesson
By:
Bruce Wesson
Its:
General Partner
|
LENDER:
CARE
CAPITAL OFFSHORE INVESTMENTS II, LP
By:
Care Capital II, LLC, as general partner
47
Hulfish Street, Suite 310
Princeton,
NJ 08542
By:
/s/
David
Ramsay
By:
David R. Ramsay
Its:
Authorized Signatory
|
|
LENDER:
GALEN
PARTNERS INTERNATIONAL, III, L.P.
By:
Claudius, L.L.C., General Partner
610
Fifth Avenue, 5th
Floor
New
York, New York 10020
/s/ Bruce
Wesson
By:
Bruce Wesson
Its:
General Partner
|
LENDER:
CARE
CAPITAL INVESTMENTS II, LP
By:
Care Capital II, LLC, as general partner
47
Hulfish St., Suite 310
Princeton,
NJ 08542
By:
/s/
David
Ramsay
Name:
David R. Ramsay
Title:
Authorized Signatory
|
LENDER:
GALEN
EMPLOYEE FUND III, L.P.
By:
Wesson Enterprises, Inc.
610
Fifth Avenue, 5th
Floor
New
York, New York 10020
/s/ Bruce
Wesson
By:
Bruce F. Wesson
Its:
General Partner
|
LENDER:
ESSEX
WOODLANDS HEALTH
VENTURES
V, L.P.
190
South LaSalle Street, Suite 2800
Chicago,
IL 60603
/s/ Immanuel
Thangaraj
By:
Immanuel Thangaraj
Its:
Managing Director
|
LENDER:
MICHAEL
WEISBROT
1136
Rock Creek Road
Gladwyne,
Pennsylvania 19035
/s/ Michael
Weisbrot
|
LENDER:
SUSAN
WEISBROT
1136
Rock Creek Road
Gladwyne,
Pennsylvania 19035
/s/ Susan
Weisbrot
|
|
LENDER:
DENNIS
ADAMS
120
Kynlyn Road
Radnor,
Pennsylvania 19312
/s/ Dennis
Adams
|
LENDER:
GEORGE
E. BOUDREAU
222
Elbow Lane
Haverford,
PA 19041
/s/ George
Boudreau
|
|
ADDITIONAL
WATSON HOLDER:
PETER
STIEGLITZ
RJ
Palmer LLC
156
West 56th Street, 5th Floor
New
York, New York 10019
/s/ Peter
Stieglitz
|
ADDITIONAL
WATSON HOLDER:
JOHN
E. HEPPE, JR.
237
W. Montgomery Avenue
Haverford,
Pennsylvania 19041
/s/ John
Heppe
|
|
Month
|
|
|
|||||||
Commitment
to
|
Commitment
|
Percentage
of
|
||||||||
Lender
Name
|
be
Funded
|
Amount
|
Commitment
|
|||||||
GALEN
PARTNERS III, L.P.
|
November
2006
|
$
|
203,014.61
|
30.452191
|
%
|
|||||
GALEN
PARTNERS INTERNATIONAL, III,
L.P.
|
$
|
18,376.31
|
2.756447
|
%
|
||||||
GALEN
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
|
||||||||
GALEN
PARTNERS III, L.P.
|
December
2006
|
$
|
203,014.61
|
30.452191
|
%
|
|||||
GALEN
PARTNERS INTERNATIONAL, III,
L.P.
|
$
|
18,376.31
|
2.756447
|
%
|
||||||
GALEN
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
|
||||||||
GALEN
PARTNERS III, L.P.
|
January
2007
|
$
|
203,014.61
|
30.452191
|
%
|
|||||
GALEN
PARTNERS INTERNATIONAL, III,
L.P.
|
$
|
18,376.31
|
2.756447
|
%
|
||||||
GALEN
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
|
|
Month
|
|
|
|||||||
Commitment
to
|
|
Commitment
|
|
Percentage
of
|
||||||
Lender
Name
|
|
be
Funded
|
|
Amount
|
Commitment
|
|||||
GALEN
PARTNERS III, L.P.
|
March
2007
|
$
|
182,713.15
|
30.452191
|
%
|
|||||
GALEN
PARTNERS INTERNATIONAL, III,
L.P.
|
$
|
16,538.68
|
2.756447
|
%
|
||||||
GALEN
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
|
||||||||
GALEN
PARTNERS III, L.P.
|
April
2007
|
$
|
91,356.57
|
30.452191
|
%
|
|||||
GALEN
PARTNERS INTERNATIONAL, III, L.P
|
$
|
8,269.34
|
2.756447
|
%
|
||||||
GALEN
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
|
||||||||
GALEN
PARTNERS III, L.P.
|
May
2007
|
$
|
91,356.57
|
30.452191
|
%
|
|||||
GALEN
PARTNERS INTERNATIONAL, III,
L.P.
|
$
|
8,269.34
|
2.756447
|
%
|
||||||
GALEN
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
|