Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
LEXICON PHARMACEUTICALS, INC. amended Fourth Amendment to Loan and Security Agreement with Oxford Finance LLC valued at Modified financial covenants relating to net sales of INPEFA and minimum cash balance; extended avai (effective 2023-12-29).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Oxford Finance LLC
- Value
- Modified financial covenants relating to net sales of INPEFA and minimum cash balance; extended avai
- Effective
- 2023-12-29
Exact text from the filing
On December 29, 2023, Lexicon and one of its subsidiaries entered into a fourth amendment (the “ Fourth Amendment ”) to its loan and security agreement (the “ Loan Agreement ”) with Oxford Finance LLC and the lenders listed therein. Under the terms of the Fourth Amendment, the existing financial covenants relating to net sales of INPEFA ® (sotagliflozin) and minimum cash balance requirements were each modified, with the financial covenant relating to minimum cash balance requirements becoming immediately effective rather than upon Lexicon’s exercise of its option to fund the fourth tranche and following its funding. Such fourth tranche, under which $25 million was previously available for draw at Lexicon’s option between December 1 and December 31, 2023, will now be available upon the achievement of specified INPEFA net sales and until April 15, 2025. Lexicon may not extend the initial 36-month interest-only period to 48 months at its option as previously contemplated. The foregoing su
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