Lexicon amends Oxford loan: third tranche raised to $75M, adds minimum cash covenant

LEXICON PHARMACEUTICALS, INC.

Third tranche increased from $50M to $75M; fourth tranche reduced to $25M (subject to Oxford's consent).
New minimum cash covenant effective after third tranche funding; unused fee if full tranche not drawn.
Revenue covenant tied to sotagliflozin net product revenue milestones after FDA approval.
Minimum cash test dates deferred based on achieving net-proceeds milestones from partnering or financing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

LEXICON PHARMACEUTICALS, INC. amended Second Amendment to Loan and Security Agreement with Oxford Finance LLC valued at Third tranche increased from $50M to $75M; fourth tranche decreased from $50M to $25M; minimum cash (effective 2023-05-01).

Action: amendment
Agreement: credit facility
Counterparty: Oxford Finance LLC
Value: Third tranche increased from $50M to $75M; fourth tranche decreased from $50M to $25M; minimum cash
Effective: 2023-05-01

Exact text from the filing

On May 1, 2023, Lexicon and one of its subsidiaries entered into a second amendment to its loan and security agreement with Oxford Finance LLC (the “ Second Amendment ”) increasing the amount available for draw at Lexicon’s option under the third tranche from $50 million to $75 million and decreasing the amount available for draw at Lexicon’s option, subject to Oxford’s consent, under the fourth tranche from $50 million to $25 million.

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Source: SEC EDGAR

accession 0001062822-23-000019

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