By Devika Patel
Knoxville, Tenn., June 17 - TPTX, Inc. negotiated a $3.6 million loan from Comerica Bank on June 11, according to an 8-K filed Tuesday with the Securities and Exchange Commission by TPTX's parent company, TorreyPines Therapeutics, Inc.
The outstanding principal under the loan will bear interest at a rate equal to the bank's prime rate plus 100 basis points and will mature on June 11, 2011.
TorreyPines issued the bank a warrant for 78,832 common shares, exercisable at $1.37 until June 11, 2013.
TorreyPines is a San Diego-based biopharmaceutical company that discovers and develops small molecule drugs to treat diseases and disorders of the central nervous system. TPTX is its private subsidiary.
| Issuer: | TPTX, Inc.
|
| Issue: | Loan
|
| Amount: | $3.6 million
|
| Maturity: | June 11, 2011
|
| Coupon: | The bank's prime rate plus 100 bps
|
| Warrants: | For 78,832 shares
|
| Warrant expiration: | June 11, 2013
|
| Warrant strike price: | $1.37
|
| Investor: | Comerica Bank
|
| Settlement date: | June 11
|
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