State
of New York
|
1-10113
|
11-0853640
|
(State
of Other Jurisdiction
|
(Commission
File Number)
|
(I.R.S.
Employer
|
of
Incorporation)
|
Identification
Number)
|
(i) |
the
commitment to extend the $600,000 July 2007 Bridge
Loan;
|
(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; and
|
(iii) |
the
right of the VC Lenders to convert the July 2007 Bridge Loan 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 Loans (each a “Triggering Event”). Upon the occurrence of a
Triggering Event, the bridge lenders may convert the July 2007 Bridge
Loan
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) 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, but not less than
$0.21
per share, (ii) 80% of the average price of the securities sold by
the Registrant
in such Third Party Equity Financing, and (iii) $0.46 per share and
(B) in
the case of a Change of Control Transaction or upon the maturity
date of
the Bridge Loans, the lesser of (i) 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 not less than
$0.21
per share, and (ii) $0.46 per
share.
|
Exhibit
Number
|
Description
|
10.1
|
Omnibus
Amendment and Consent effective as of July 10, 2007 between the
Registrant
and various lenders.
|
99.1
|
Press
Release dated July
10, 2007
Announcing Receipt of Bridge Funding
|
ACURA PHARMACEUTICALS, INC. | ||
|
|
|
By: | /s/ Peter Clemens | |
Peter A. Clemens |
||
Senior Vice President & Chief Financial Officer |
Exhibit
Number
|
Description
|
10.1
|
Omnibus
Amendment and Consent effective as of July
10, 2007
between the Registrant and various lenders.
|
99.1
|
Press
Release dated July
10, 2007
Announcing Receipt of Bridge Funding
|
(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:
|
(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):
|
(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:
|
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
|
LENDER:
CARE
CAPITAL OFFSHORE INVESTMENTS II, LP
By:
Care Capital II, LLC, as general partner
47
Hulfish Street, Suite 310
Princeton,
NJ 08542
|
||
/s/ Bruce Wesson | By: | /s/ David Ramsay | |
By:
Bruce Wesson
|
By: |
David R. Ramsay |
|
Its:
General Partner
|
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
|
LENDER:
CARE
CAPITAL INVESTMENTS II, LP
By:
Care Capital II, LLC, as general partner
47
Hulfish St., Suite 310
Princeton,
NJ 08542
|
||
/s/ Bruce Wesson | By: | /s/ David Ramsay | |
By:
Bruce Wesson
|
By: |
David R. Ramsay |
|
Its:
General Partner
|
Title: | Authorized Signatory |
LENDER:
GALEN
EMPLOYEE FUND III, L.P.
By:
Wesson Enterprises, Inc.
610
Fifth Avenue, 5th
Floor
New
York, New York 10020
|
LENDER:
ESSEX
WOODLANDS HEALTH
VENTURES
V, L.P.
190
South LaSalle Street, Suite 2800
Chicago,
IL 60603
|
||
/s/ Bruce Wesson | /s/ Immanuel Thangaraj | ||
By: Bruce Wesson |
By: Immanuel Thangaraj |
||
Its:
General Partner
|
Its:
Managing
Director
|
LENDER:
MICHAEL
WEISBROT
1136
Rock Creek Road
Gladwyne,
Pennsylvania 19035
|
LENDER:
SUSAN
WEISBROT
1136
Rock Creek Road
Gladwyne,
Pennsylvania
19035
|
||
/s/ Michael Weisbrot | /s/ Susan Weisbrot | ||
|
|
LENDER:
DENNIS
ADAMS
120
Kynlyn Road
Radnor,
Pennsylvania
19312
|
LENDER:
GEORGE
E. BOUDREAU
222
Elbow Lane
Haverford,
PA
19041
|
||
/s/ Dennis Adams | /s/ George Boudreau | ||
|
|
ADDITIONAL
WATSON HOLDER:
PETER
STIEGLITZ
RJ
Palmer LLC
156
West 56th Street, 5th Floor
New
York, New York
10019
|
ADDITIONAL
WATSON HOLDER:
JOHN
E. HEPPE, JR.
237
W. Montgomery Avenue
Haverford,
Pennsylvania
19041
|
||
/s/ Peter Stieglitz | /s/ John Heppe | ||
|
|
Lender
Name
|
Month
Commitment to be Funded
|
Commitment
Amount
|
Percentage
of 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
|
Lender
Name
|
Month
Commitment to be Funded
|
Commitment
Amount
|
Percentage
of 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
|
Lender
Name
|
Month
Commitment to be Funded
|
Commitment
Amount
|
Percentage
of Commitment
|
|||||
GALEN
PARTNERS III, L.P.
|
July
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.
|
$
|
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
|