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Omeros Corporation Message Board

  • rrtzrealmd rrtzrealmd Jan 8, 2013 4:57 PM Flag

    HAW!!!...the latest 8K...

    ...proudly announces:

    "On December 28, 2012, Omeros Corporation (“Omeros”) and Oxford Finance LLC, successor-in-interest to Oxford Finance Corporation, and Oxford Finance Funding Trust 2012-01 (collectively, “Oxford”), entered into the Sixth Amendment to Loan and Security Agreement (the “Amendment”), which amended the Loan and Security Agreement between Omeros and Oxford dated October 21, 2010, as amended (the “Loan Agreement”). Pursuant to the Amendment (1) Omeros borrowed an additional $7.2 million from Oxford (the “New Tranche”) and (2) the repayment terms of Omeros’ $12.8 million of existing outstanding indebtedness to Oxford due under the Loan Agreement (the “Existing Indebtedness”) were amended to, among other things, provide for interest-only payments on both the Existing Indebtedness and the New Tranche through December 31, 2013 (as further described below). As a result of the New Tranche, the total principal amount of Omeros’ outstanding indebtedness to Oxford is $20.0 million.

    Interest on the $20.0 million accrues at an annual fixed rate of 9.25%, and Omeros is obligated to make monthly payments of only interest through December 31, 2013. Beginning January 1, 2014, payments of principal and interest are due for 36 consecutive months. All unpaid principal and accrued and unpaid interest are due and payable on December 1, 2016 (the “Maturity Date”)." OMER shareholders now owe 20 MILLION dollars accruing interest at 9.25%!!!...HAW!!!!...

    ...I guess that phase 3 FAILURE they reported a couple of weeks back put a kink in any chance of another secondary, huh?...HAW!!!... now let me get this straight, OMER shareholders get to pay interest on 20 MILLION in debt while they wait for those 60 MILLION dollars worth of shares OMER can sell whenever they want and at whatever price they want to come sailing into the market!!!... that about right?...

    ...well, gosh, aren't they LUCKY?!...HAW, HAW, HAW!!!!...

    Sentiment: Strong Sell

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