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:5/26/2016)... Tenn. , May 26, 2016 /PRNewswire/ ... of software and analytics, network solutions and ... today announced it entered into a strategic ... provider of outpatient software solutions and revenue ... centers, specialty hospitals and rehabilitation clinics to ...
(Date:5/25/2016)... -- FDA 510(k) clearance covers Confocal ... urological and surgical applications Mauna Kea ... the multidisciplinary confocal laser endomicroscopy (CLE) platform, today ... with the 12 th 510(k) clearance from ... new FDA clearance covers Confocal Miniprobes indicated for ...
(Date:5/25/2016)... , Deutschland und GERMANTOWN, Maryland ... Zusammenarbeit mit Therawis bedient dringenden ... Brustkrebs   QIAGEN N.V. (NASDAQ: ... heute bekannt, eine Lizenz- und Entwicklungsvereinbarung mit Therawis ... für die Onkologie eingegangen zu sein. Ein erstes ...
Breaking Medicine Technology:
(Date:5/26/2016)... ... May 26, 2016 , ... Despite last week’s media reports hinting ... and company to wait until March 2017 for an interest rate increase, according to ... College of Business. , “The Federal Open Market Committee (FOMC) dot charts are of ...
(Date:5/26/2016)... Missouri (PRWEB) , ... May 26, 2016 , ... ... quality and clinical outcomes, hosted members and suppliers for its inaugural Member Conference ... focus on their mission of elevating the operational health of America’s healthcare providers. ...
(Date:5/26/2016)... Pompano Beach, Florida (PRWEB) , ... May 26, 2016 , ... ... Green House® Project offering a new model of care for living and ... on three core values: Meaningful Life in a Real Home provided by Empowered Staff. ...
(Date:5/26/2016)... , ... May 26, 2016 , ... ... and development solutions for drugs, biologics, consumer health and global clinical supply services, ... in Korea to support the company’s continued investment and strategic growth plans in ...
(Date:5/26/2016)... ... 26, 2016 , ... Memorial Day Weekend marks the unofficial start of summer ... tips to make sure your family and vehicle are ready to hit the road ... be 439 deaths and an additional 50,500 serious injuries from motor vehicle crashes during ...
Breaking Medicine News(10 mins):