XML 34 R20.htm IDEA: XBRL DOCUMENT v3.19.1
Note 13 - Subsequent Event
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Subsequent Events [Text Block]
Note 
13
 — Subsequent Event
 
Second Amended and Restated Credit Facility
 
On
February 6, 2019,
the Company, together with its consolidated subsidiary, MDCP, LLC (collectively, the “Borrowers”), entered into a
$100,000
secured credit facility available in
three
tranches with MidCap Financial, a Delaware statutory trust, as administrative agent and lender (“MidCap”), pursuant to the terms and conditions of that certain Second Amended and Restated Credit and Security Agreement, dated as of
February 6, 2019,
among the Borrowers, MidCap, and the lenders party thereto from time to time (the “Second Amended and Restated Senior Credit Facility”). Borrowings under the Second Amended and Restated Senior Credit Facility will be available in
three
tranches, with (i) the
first
tranche to be comprised of
$50,000
funded at closing, which includes
$30,000
of proceeds that were deemed rolled over from the outstanding principal amount under the prior credit agreement, (ii) the
second
tranche to be comprised of
$30,000,
and (iii) the
third
tranche to be comprised of
$20,000,
with the
second
and
third
tranches to be funded upon the completion of certain contingencies related to the Company’s development activities of its product candidates and the establishment of certain financial covenants. The Second Amended and Restated Senior Credit Facility refinanced and replaced the Amended and Restated Senior Credit Facility dated as of
July 20, 2018.
The Second Amended and Restated Senior Credit Facility bears a variable interest rate of LIBOR (which shall
not
be less than
0.5%
) plus
8%.
The Second Amended and Restated Senior Credit Facility includes an interest-only payment period through
June 2020
and scheduled monthly principal and interest payments for the subsequent
30
months. The Company used a portion of the proceeds of the Second Amended and Restated Senior Credit Facility to pay off outstanding amounts under the Amended and Restated Senior Credit Facility and the remainder will be used for general corporate purposes.