ACURA PHARMACEUTICALS, INC: debt financing — Acura Pharma gets $200K related-party loan, warns it may run out of funds by mid-August

ACURA PHARMACEUTICALS, INC

Received $200,000 loan from AD Pharma (66% owner), total principal now $3,669,279.
Loan bears interest at 5.25%, matures Dec 31, 2023; default rate 7.5%.
Proceeds fund operations only through mid-August 2023.
Without additional financing, company may scale back/terminate operations or seek bankruptcy.
AD Pharma is controlled by Mr. Schutte, who directly owns ~14% of Acura stock.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ACURA PHARMACEUTICALS, INC incurred loan of $200,000 with Abuse Deterrent Pharma, LLC at 5.25% maturing December 31, 2023.

Instrument: loan
Principal: $200,000
Counterparty: Abuse Deterrent Pharma, LLC
Rate: 5.25%
Maturity: December 31, 2023
Event: incurrence

Exact text from the filing

On July 10, 2023 we received a $200,000 loan from Abuse Deterrent Pharma, LLC ("AD Pharma"). This loan combined with previous loans made to the Company and with the $2,319,279 under the November 10, 2022 Amended Consolidated and Restated Secured Promissory Note, now totals $3,669,279, bears interest at 5.25% and matures on December 31, 2023, at which time all principal and interest is due.

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Source: SEC EDGAR

accession 0001104659-23-080583

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