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Unigene negotiates forbearance with Victory Park Capital Advisors
Company gets $4 million via one-year senior secured convertible note
By Devika Patel
Knoxville, Tenn., Nov. 21 - Unigene Laboratories, Inc. said it has negotiated a forbearance agreement with Victory Park Capital Advisors, LLC on Sept. 21. The investor loaned the company $4 million.
The investor agreed to forbear from exercising its rights concerning events of default through Sept. 21, 2013.
Under the agreement, Unigene issued a $4 million one-year senior secured convertible note to an affiliate of Victory Park Capital Advisors, LLC. The note bears interest at a rate per annum equal to the greater of Prime plus 500 basis points or 15%.
The new debt converts to common shares at $0.05 per share, while the existing debt now converts into shares at $0.15 per share.
Proceeds were used for fees and expenses and will also be used to finance operations.
Fairfield, N.J.-based Unigene is a biopharmaceutical company focusing on the oral and nasal delivery of large-market peptide drugs.
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