Onconetix enters forbearance on $10M note; pauses ENTADFI commercialization

Onconetix, Inc.

Forbearance with Veru extends April 2024 note maturity to March 31, 2025; interest at 10% on unpaid balance.
Onconetix to pay Veru 15% of monthly cash receipts from Proteomedix licensing, Proclarix sales, and Labcorp milestones.
Also to pay 10% of net proceeds from any financing or asset sale through March 2025.
Altos debenture amended to extend maturity to October 31, 2024.
Company pauses ENTADFI commercialization, terminates three employees, considers strategic alternatives.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

Onconetix, Inc. amended Altos Amendment with Altos Ventures (effective 2024-04-24).

Action: amendment
Agreement: equity purchase
Counterparty: Altos Ventures
Effective: 2024-04-24

Exact text from the filing

On April 24, 2024, the Debenture was amended to extend the maturity date to the earlier of (i) the closing under the Subscription Agreement and (ii) October 31, 2024 (the "Altos Amendment").

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

Onconetix, Inc. entered into Forbearance Agreement with Veru Inc. (effective 2024-04-24).

Action: entry
Counterparty: Veru Inc.
Effective: 2024-04-24

Exact text from the filing

(the “Company”) entered into an asset purchase agreement with Veru Inc., a Wisconsin corporation (“Veru”) (the “Veru APA”). Pursuant to the terms of the Veru APA, the Company agreed to provide Veru

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Onconetix, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-036645

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