ADDISON, Texas, July 3, 2012 /PRNewswire/ -- ULURU Inc. (OTCQB: ULUR), a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products, today announced it has completed a $2.2mil secured convertible debt financing with Inter-Mountain Capital Corp ("Inter-Mountain"). Proceeds from the convertible debt will be received in seven tranches with the initial tranche being $710,000 and six subsequent tranches of $250,000. The Company intends to use the funds for general corporate purposes.
At the option of Inter-Mountain, the outstanding principal balance of the convertible note may be converted into shares of ULURU Inc. common stock at a conversion price of $0.35 per share, subject to certain pricing adjustments and ownership limitations. The note is for a term of 33 months, with monthly instalment payments of $83,333 commencing no earlier than September 27, 2012. The convertible note will bear interest at the rate of 8.0% per annum. At ULURU's option, the monthly installment may be paid in whole, or in part, in cash or in Uluru Common Stock. If the monthly installment is paid in ULURU Common Stock, the shares will be issued at a 20% discount. At the option of ULURU, the outstanding principal balance of the convertible note, or a portion thereof, may be prepaid. The convertible note is secured by the grant to Inter-Mountain of a priority security interest in the assets of the Company.
As part of the convertible debt financing, Inter-Mountain will also receive warrants to purchase up to an aggregate of 3,142,857 shares of ULURU Common Stock. The warrants have an exercise price of $0.35 per share, and are exercisable, subject to vesting provisions and ownership limitations, until June 27, 2017.
Commenting on the financing, Kerry P. Gray, President and CEO of ULURU, stated, "We are very pleased to have completed this financing as it provides us with the resources to introduce Altrazeal®
|SOURCE ULURU Inc.|
Copyright©2012 PR Newswire.
All rights reserved