GI Dynamics, Inc. Enters into Sixth Amendment to the Senior Secured Convertible Promissory Note
March 31, 2020 at 04:35 pm EDT
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On March 31, 2020, GI Dynamics, Inc. entered into a Sixth Amendment to the Senior Secured Convertible Promissory Note (the “Note Amendment”), by and between the Company, as borrower, and Crystal Amber Fund Limited, as holder (“Crystal Amber”), pursuant to which the Company and Crystal Amber amended the Senior Secured Convertible Promissory Note issued by the company to Crystal Amber on June 15, 2017 and amended on December 31, 2018, March 29, 2019, April 30, 2019, June 30, 2019 and August 21, 2019, in the aggregate principal amount of USD 5,000,000 (as so amended, the “Note”) by extending the maturity date (and associated final conversion date) of the Note from March 31, 2020 to May 1, 2020. In addition, on March 31, 2020, the company entered into a Sixth Amendment to the Note Purchase Agreement (the “NPA Amendment”) by and between the company and Crystal Amber, which NPA Amendment amended the Note Purchase Agreement, dated as of June 15, 2017, as amended on December 31, 2018, March 29, 2019, April 30, 2019, June 30, 2019 and August 21, 2019, by and between the Company and Crystal Amber to provide for the amendment of the Note in the form of the Note Amendment.
GI Dynamics, Inc. is a medical device company. The Company designs and applies device and disease management solutions for the treatment of metabolic disease. The Company designs, develops, manufactures and markets medical devices for non-surgical approaches to treat type II diabetes and obesity. The Company's product, EndoBarrier, is an endoscopically-delivered device therapy, which is approved for the treatment of obese type II diabetes with body mass index (BMI) greater than or equal to 30 kilogram/square meter (kg/m2), or obese patients with BMI greater than or equal to 30 kg/m2 with greater than or equal to one comorbidities, or obese patients with BMI over 35 kg/m2. EndoBarrier is an incision-free, non-anatomy altering solution designed to specifically mimic the duodenal-jejunal exclusion created by gastric bypass surgery.
GI DYNAMICS, INC. 