Exaeris gets interim access to $2.1 million DIP facility, to receive funds by July 18

By Caroline Salls

Pittsburgh, July 12 - Exaeris, Inc. obtained interim access to up to $2.1 million in debtor-in-possession financing from parent Inyx, Inc.'s chairman and chief executive officer, Jack Kachkar, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final DIP hearing has not yet been scheduled.

According to the interim order, Kachkar must advance $750,000 of the DIP facility by July 13 and the balance by July 18.

If neither advance is made by the respective deadline, a Chapter 11 trustee will be appointed for Exaeris and Inyx USA, Ltd.'s bankruptcy case.

As previously reported, Inyx subsidiaries Exaeris and Inyx USA Ltd. were placed in Chapter 11 bankruptcy on July 2 by the parent company.

Interest on the DIP facility will be 9.5%.

The DIP facility will mature on July 31, at which time Kachkar will review the company's options for further financing.

Inyx's board of directors has approved the DIP facility.

Inyx is a pharmaceutical company based in New York that develops drug delivery technologies and products for the treatment of respiratory, allergy, dermatological, topical and cardiovascular conditions. The U.S. subsidiaries' Chapter 11 case number is 07-10887.

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