Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
As previously disclosed, Progenics Pharmaceuticals, Inc. (the "Company") as
borrower, and Lantheus Medical Imaging, as lender, entered into a bridge loan
agreement, on March 15, 2020. Pursuant to the bridge loan agreement, Lantheus
Medical Imaging agreed to provide a secured short-term loan to the Company on or
after May 1, 2020 in an aggregate principal amount of up to $10 million. On May
22, 2020, the Company drew down the full principal amount of $10 million
available under the bridge loan agreement. The bridge loan matures on the
earlier to occur of (a) September 30, 2020 and (b) the date on which the Company
enters into a debt financing or similar arrangement, or any amendment to, or
replacement of, its existing debt provided by one or more third parties
following the termination date of the Amended and Restated Agreement and Plan of
Merger, dated as of February 20, 2020, as filed by the Company with the
Securities and Exchange Commission on a Current Report on Form 8-K on February
20, 2020, in either case having aggregate net cash proceeds that exceed the
amount then required to repay all obligations under the bridge loan agreement in
full in cash.
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