Navigation Links
Favrille Announces Resolution of Debt Obligations and Plans for Maximizing Assets
Date:7/7/2008

SAN DIEGO, July 7 /PRNewswire-FirstCall/ -- Favrille, Inc. (Nasdaq: FVRL) today announced that it has come to an agreement with its secured creditors, General Electric Capital Corporation and Oxford Financial Corporation (Lenders). The agreement follows Favrille's recent announcement that the Lenders had received approximately $8.8 million as repayment of the outstanding principal, accrued interest and certain costs. Acceleration of the loan was triggered when the Company's cash fell below the $14.5 million minimum cash covenant on May 30, 2008. Under terms of the agreement, the Company reimbursed the Lenders an additional $47,000 of transaction costs. The Lenders have been paid in full and, therefore, have agreed to release the general lien on the Company's assets.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080404/LAF521LOGO)

Following the recent announcement that the Phase 3 registration trial for its lead product, Specifid(TM), failed to demonstrate activity, Favrille announced it would cease all activities related to Specifid and other programs requiring production of patient-specific therapies including the T-cell and autoimmune disease programs. The Company laid off 132 of its 144 employees, including six of its eight executive officers, effective June 6, 2008. In addition, the Company plans to sell all unneeded fixed assets in the near future.

Favrille is currently in discussions with its landlord regarding the terms of the existing lease agreement in light of the fact that the Company does not require, nor can it meet the obligations for, the GMP manufacturing facility designed for the manufacture of Specifid. The Company intends to maximize the value of its other assets, including the panel of humanized anti-CD20 antibodies acquired from Diversa (now Verenium) in 2007.

"We have received a number of inquiries regarding the manufacturing fa
'/>"/>

SOURCE Favrille, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Page: 1 2 3

Related biology technology :

1. Favrille CEO to Present at NewsMakers in the Biotech Industry Investment Conference
2. Favrille CEO to Present at Bear Stearns Healthcare Conference
3. Favrille to Present at AG Edwards Emerging Growth Conference and Wall Street Analyst Forum
4. Favrille to Present at BIO InvestorForum
5. Favrille to Host Conference Call and Live Webcast to Discuss Third Quarter 2007 Financial Results on October 25, 2007
6. Favrille to Present at BIOCOM Investor Conference, Acumen BioFin Rodman & Renshaw Healthcare Conference and CIBC World Markets Healthcare Conference
7. Favrille Announces $21.1 Million Registered Direct Offering
8. Favrille Reports Fourth Quarter and Year End 2007 Financial Results
9. Favrille to Host Conference Call and Live Webcast to Discuss First Quarter 2008 Financial Results on May 8, 2008
10. Favrille Reports First Quarter 2008 Financial Results
11. Favrille Announces Results from Phase 3 Registration Trial of Specifid in Patients with Follicular B-Cell Non-Hodgkins Lymphoma
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/30/2015)... BOSTON , June 30, 2015  Juniper ... company focused on developing therapeutics that address unmet ... CFO George Elston will present at ... , Wednesday, July 8, 2015Time: , 4:45 PM ... NYWebcast (live & archive): , www.juniperpharma.com, under  ...
(Date:6/30/2015)... ... June 30, 2015 , ... The maximum number of shares ... outstanding common shares (including shares of unvested restricted stock). On June 29, 2015, the ... price of Cryo-Cell’s shares reported on the OTCBB was $2.29 per share. , The ...
(Date:6/30/2015)... , June 30, 2015  The Dr. Samadi Prostate ... is now offering a full suite of new genetic testing ... a biopsy, for diagnosing prostate cancer. ... of genetic tests for assessing the risk and optimizing the ... "We,re very excited to now offer these revolutionary genetic ...
(Date:6/29/2015)...   Pharnext SAS today announced that data related ... of Charcot-Marie-Tooth Type 1A (CMT1A), is being presented in four ... Society (PNS) Biennial Meeting at the Quebec Congress Center in ... July 2, 2015. At Poster Viewing Session 4, ... to 7p.m. EDT: Poster 23: "A Meta-Analysis ...
Breaking Biology Technology:Juniper Pharmaceuticals to Present at Cantor Fitzgerald Inaugural Healthcare Conference on July 8, 2015 2Cryo-Cell Commences Tender Offer to Purchase its Common Stock, Up to 750,000 Shares at $3.25 per Share 2Cryo-Cell Commences Tender Offer to Purchase its Common Stock, Up to 750,000 Shares at $3.25 per Share 3New Revolutionary Genetic Testing for Prostate Cancer Offered at Dr. Samadi's Prostate Cancer Center 2New Revolutionary Genetic Testing for Prostate Cancer Offered at Dr. Samadi's Prostate Cancer Center 3New Revolutionary Genetic Testing for Prostate Cancer Offered at Dr. Samadi's Prostate Cancer Center 4New Revolutionary Genetic Testing for Prostate Cancer Offered at Dr. Samadi's Prostate Cancer Center 5Pharnext's PXT-3003 Featured in Multiple Presentations at 2015 Peripheral Nerve Society Biennial Meeting 2
... International, Inc.,(Quest) announced they will show true 12-bit, ... and the Totoku, ME551i2,medical LCD display, at the ... be held in Seattle, Washington., Quest will ... Pro 8-Core workstation with two ME551i2 medical, LCD ...
... Call Scheduled Friday, April 4, 2008 at 8:30 a.m. EDT - ... Recent Highlights:, - 2007 pro forma consolidated net sales increased 21.2% year-over-year to ... $317.2 million, - Provided 2008 guidance: revenue ... of $28 million to $30 million, - ...
... 3, 2008 Spherix,Incorporated (Nasdaq: SPEX ) reported ... 31, 2007. The Company,s research and development costs,jumped to ... the launch of,the Company,s Phase 3 clinical trial for ... 2007. The trial is expected to last at least ...
Cached Biology Technology:Quest International Announces They Will be First in US to Exhibit True 12-Bit Grayscale Mammographic Images 2Chem Rx Corporation Reports Full Year 2007 Financial Results 2Chem Rx Corporation Reports Full Year 2007 Financial Results 3Chem Rx Corporation Reports Full Year 2007 Financial Results 4Chem Rx Corporation Reports Full Year 2007 Financial Results 5Chem Rx Corporation Reports Full Year 2007 Financial Results 6Chem Rx Corporation Reports Full Year 2007 Financial Results 7Chem Rx Corporation Reports Full Year 2007 Financial Results 8Chem Rx Corporation Reports Full Year 2007 Financial Results 9Chem Rx Corporation Reports Full Year 2007 Financial Results 10Chem Rx Corporation Reports Full Year 2007 Financial Results 11Chem Rx Corporation Reports Full Year 2007 Financial Results 12Chem Rx Corporation Reports Full Year 2007 Financial Results 13Chem Rx Corporation Reports Full Year 2007 Financial Results 14Chem Rx Corporation Reports Full Year 2007 Financial Results 15Spherix Reports 2007 Financial Results 2
(Date:6/17/2015)... Germany , June 17, 2015 ... today launched new Investigator ® STR assay kits for ... the United States . The new genetic fingerprint kits ... markers (short tandem repeats or STRs) for DNA matching. They ... quality of DNA in each sample, a novel QIAGEN technology ...
(Date:6/16/2015)... 16, 2015 /CNW Telbec/ - handyem Inc. and ... the incorporation of handyem,s HPC-150 portable flow cytometer ... Mo-POD™. This unprecedented model of mobile laboratory platform ... the Pennsylvania Convention Center, ... th to 18 th 2015.  By ...
(Date:6/16/2015)... , June 16, 2015 Fingerprint Cards ... communicated that it will amount to at least 340 MSEK ... to the rapid increase in market growth and orders received ... communicated guidance that revenue for 2015 will exceed 1,500 MSEK ... to approximately 2,200 MSEK. Due to receipt of ...
Breaking Biology News(10 mins):QIAGEN Launches New Genetic Fingerprinting Kits for U.S. Forensic Labs 2QIAGEN Launches New Genetic Fingerprinting Kits for U.S. Forensic Labs 3QIAGEN Launches New Genetic Fingerprinting Kits for U.S. Forensic Labs 4QIAGEN Launches New Genetic Fingerprinting Kits for U.S. Forensic Labs 5handyem and FlowMetric Diagnostics announce their partnership in the development of Flow Cytometry- Based Solutions in diagnostic capabilities 2handyem and FlowMetric Diagnostics announce their partnership in the development of Flow Cytometry- Based Solutions in diagnostic capabilities 3Fingerprint Cards Raises the Revenue Guidance for Q2 2015 and for the Full Year 2015 2Fingerprint Cards Raises the Revenue Guidance for Q2 2015 and for the Full Year 2015 3
... change the world has seen in the last 100,000 years ... interglacial period. New research from the Niels Bohr Institute at ... the rise in temperature and the rise in the atmospheric ... time. The results have been published in the scientific journal, ...
... new study finds that mice have a distinct neural ... is associated with instinctually important smells such as those ... in Proceedings of the National Academy of Sciences ... have specially hardwired neural circuitry to trigger instinctive behavior ...
... breeders announced a new high-yielding variety of oats. ... height, withstands falling over (lodging), matures earlier and produces ... seed yield potential, exceeding the Rodgers variety by 20 ... 32.2-pound bushel compared to 31.9-pound bushel for Rodgers," said ...
Cached Biology News:Rise in temperatures and CO2 follow each other closely in climate change 2Rise in temperatures and CO2 follow each other closely in climate change 3Mice have distinct subsystem to handle smell associated with fear 2Mice have distinct subsystem to handle smell associated with fear 3Clemson plant breeders roll out new oat variety 2
Proliferin (N-14)...
Porcine Aortic Smooth Muscle Cells (PAOSMC) (>500,000 cells)...
... The Finnpipette BioControl is a major ... A complete liquid handling system - ... interchangeable tip cone modules. All five ... cone modules fit one handle. The ...
Bovine Pulmonary Artery Smooth Muscle Cells (BPASMC) (>500,000 cells)...
Biology Products: