NANOVIRICIDES, INC. (NNVC): debt financing — NanoViricides issues $1.5M convertible note to TheraCour in lieu of milestone payment

NANOVIRICIDES, INC.

Issued $1.5M convertible promissory note to TheraCour (related party) in lieu of $1.5M cash milestone payment under Licensing Agreement.
Note bears 12% annual interest, matures January 19, 2025; convertible into Series A Convertible Preferred Stock.
Dr. Anil Diwan (President/Chairman) owns ~90% of TheraCour; recused from board vote on agreement.
Note replaces milestone payment obligation for Initiation of Phase 1 Clinical Trials or Equivalent milestone.
Company retains customary representations and warranties; note is unregistered security.

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

NANOVIRICIDES, INC. incurred convertible notes of $1,500,000 with TheraCour Pharma, Inc. at twelve percent (12%) per annum maturing January 19, 2025.

Instrument: convertible notes
Principal: $1,500,000
Counterparty: TheraCour Pharma, Inc.
Rate: twelve percent (12%) per annum
Maturity: January 19, 2025
Event: incurrence

Exact text from the filing

by TheraCour within 3 months from Regulatory Approval. Upon achieving this milestone, the Registrant was obligated to pay TheraCour a cash milestone payment in the amount of $1,500,000. In lieu of this cash payment, TheraCour agreed to accept a Convertible Promissory Note in the principal amount of $1,500,000 effective July 19, 2023 (the “Note”). The

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NANOVIRICIDES, INC. entered into Deferred Expense Exchange Agreement with TheraCour Pharma, Inc. valued at $1,500,000 Convertible Promissory Note; interest rate 12% per annum; due 2025-01-19 (effective 2023-07-19).

Action: entry
Counterparty: TheraCour Pharma, Inc.
Value: $1,500,000 Convertible Promissory Note; interest rate 12% per annum; due 2025-01-19
Effective: 2023-07-19

Exact text from the filing

On August 29, 2023, NanoViricides, Inc. (the “Registrant”) entered into a Deferred Expense Exchange Agreement (the “Agreement”) with TheraCour Pharma, Inc., a Connecticut corporation (“TheraCour”) effective as of July 19, 2023.

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Source: SEC EDGAR

accession 0001104659-23-097802

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