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:10/10/2017)... --  West Pharmaceutical Services, Inc. (NYSE: WST), a ... today shared the results of a study highlighting the ... administration of polio vaccines. The study results were presented ... by Dr. Ondrej Mach , Clinical Trials and ... and recently published in the journal Vaccine. i ...
(Date:10/4/2017)... , Oct. 4, 2017  According to the Centers for Disease Control ... of October . PhysicianOne Urgent Care is helping communities across ... NY , by offering no-cost* flu shots through the end of ... by certain health insurance regulations. ... best time to get a flu shot is by the end of ...
(Date:10/2/2017)... -- AllianceRx Walgreens Prime, the combined central specialty pharmacy and ... manager Prime Therapeutics LLC (Prime), today officially began the ... of new signage at its headquarters in ... few other company-owned facilities across the country. This also ... whom will begin to see the AllianceRx Walgreens Prime ...
Breaking Medicine Technology:
(Date:10/13/2017)... , ... October 13, 2017 , ... ... throughout Arkansas that offers insurance and financial preparation services, is providing an update ... City Rescue organization. , Rock City Rescue is a locally recognized nonprofit that ...
(Date:10/13/2017)... ... October 13, 2017 , ... The American Board of Family ... next President and Chief Executive Officer, succeeding Dr. James C. Puffer upon his retirement. ... 1, 2018 until Dr. Puffer’s retirement at the end of 2018. Upon assuming the ...
(Date:10/13/2017)... EDWARDSVILLE, Ill. (PRWEB) , ... ... ... University Edwardsville School of Pharmacy (SOP) alumni Hannah Randall, PharmD ‘17, and ... educated healthcare professionals on guideline updates for the primary prevention of cardiovascular ...
(Date:10/13/2017)... ... 2017 , ... Many families have long-term insurance that covers care for a ... waiver for care if the client has a cognitive impairment diagnosis. , “What ... is often waived, so the benefits from their insurance start immediately,” said Mechell Vieira, ...
(Date:10/13/2017)... ... ... Global Healthcare Management’s 4th Annual Kids Fun Run brought out many kids this ... by Global Healthcare Management’s CEO, Jon Letko, is aimed at getting kids excited about ... ages; it is a non-competitive, non-timed event, which is all about having fun and ...
Breaking Medicine News(10 mins):