Navigation Links
ULURU Inc. Announces Completion Of $2.2mil Convertible Debt Offering
Date:7/3/2012

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® in numerous international markets. We continue to be very excited with the international opportunity for Altrazeal®. The clinical results that have been generated, in both Europe and Australia, clearly demonstrate the economic benefits that Altrazeal® can achieve."

As part of the convertible debt financing, Uluru entered into a Registration Rights Agreement whereby ULURU will prepare and file with the Securities and Exchange Commission a registration statement no later than July 27, 2012, for the registration 2.3 million shares and cause such registration statement to be declared effective no later than ninety days after such filing.

About ULURU Inc.:

ULURU Inc. is a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products to provide patients and consumers improved clinical outcomes through controlled delivery utilizing its innovative Nanoflex® Aggregate technology and OraDisc™ transmucosal delivery system. For further information about ULURU Inc., please visit our website at www.ULURUinc.com. For further information about Altrazeal®, please visit www.Altrazeal.com.

This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended. These statements are subject to numerous risks and uncertainties, including but not limited to the clinical and economic benefit and international potential of Altrazeal® and the risk factors detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, and other reports filed by us with the Securities and Exchange Commission.

Contact: Company
Kerry P. Gray
President & CEO
Terry K. Wallberg
Vice President & CFO
(214) 905-5145

 


'/>"/>
SOURCE ULURU Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Omeros Announces Closing of $34.5 Million Public Offering of Common Stock
2. Amylin Pharmaceuticals, Inc. Shareholder Alert: Bernstein Liebhard LLP Announces Investigation Of Acquisition By Bristol-Myers Squibb Company
3. MicroVention Announces First Patient Enrollment In Clinical Trial To Compare Coiling Technologies For Treating Brain Aneurysms
4. Omron Healthcare Announces New Pedometers
5. Improved Maintenance and Control of Electronic Health Records. ICAP Patent Brokerage Announces for Auction Patented Techniques for Improved Patient Control and Selective Access to Electronic Medical Records
6. Lilly Diabetes Announces Once Upon A Time Contest Winner
7. Roche announces FDA approval of HIV viral load test
8. Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Amylin Pharmaceuticals, Inc.
9. K-V Pharmaceutical Company Announces Notification from NYSE Regarding Listing Criteria
10. Talyst Announces AutoSplit Contract Pharmacy at 340B Coalition
11. KALO Announces Distribution Areas
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/4/2017)... , Aug. 4, 2017 The search ... shortly after a physician/patient consult has long been the ... was a notable focus of the largest meeting of ... according to healthcare market research firm Kalorama Information.  The ... testing (POCT) offerings or related supplies and software were ...
(Date:8/2/2017)... 2017  Life Flight Network and PeaceHealth Oregon Network announced ... care and operational efficiency for patients at hospitals in ... Cottage Grove , and Florence, Oregon ... Life Flight Network work collaboratively to move patients who require ... a time sensitive emergency exists. ...
(Date:7/31/2017)... 7D Surgical, developer of ground breaking surgical navigation ... Surgical System to support its strategic sales plan in ... and Virginia.  7D Surgical has entered into an exclusive sales ... medical facilities within those markets. ... Spartan Medical Purchases ...
Breaking Medicine Technology:
(Date:8/18/2017)... ... August 18, 2017 , ... Rollon Skin ... anti-aging skincare solutions, recently announced the launch of two new skincare products, ... yet effective alternative to expensive plastic surgery or in-patient cosmetic dermatological procedures. , ...
(Date:8/17/2017)... ... August 17, 2017 , ... Riccobene Associates Family Dentistry, the ... NC to its family of practices. Residents of Goldsboro will be able to ... 2017. , Riccobene Associates Family Dentistry, founded by Dr. Michael Riccobene in ...
(Date:8/17/2017)... , ... August 17, 2017 , ... ... a period of three years for its residential drug and alcohol detox program. ... to an organization and shows the organization’s substantial conformance to the CARF standards. ...
(Date:8/17/2017)... Lansdale, PA (PRWEB) , ... August 17, 2017 ... ... Reverse Expo is an opportunity for IDNs and healthcare systems to interact with ... of Hayes, Inc. and Karla Barber, RN, BCN, CVAHP, System Director of Clinical ...
(Date:8/17/2017)... , ... August 17, 2017 , ... ... (ER) on Wednesday, August 16, to community partners. The newly renovated ER was ... Track” area for minor emergencies, eight semi-private rooms to deliver patient results, improve ...
Breaking Medicine News(10 mins):