Neos Therapeutics, Inc. (NasdaqGM:NEOS) announced that it has entered into a commitment letter for a private placement of an unsecured convertible note in an aggregate amount of up to $5,000,000 on December 10, 2020. The transaction will include participation from Aytu BioScience, Inc. (NasdaqCM:AYTU). Interest accrues on the principal amount outstanding under the note at a rate of 6.0% per annum, compounding monthly beginning in January 2021.

The note will mature on November 7, 2022 and is convertible into common shares of the company. The transaction is subject to approval of the Nasdaq Stock Market.