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TetraLogic Pharmaceuticals Corp. (TLOG)

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TetraLogic Pharmaceuticals Corp

TetraLogic Pharmaceuticals Corporation Announces Completion of Sale of SMAC Mimetic and HDAC Inhibitor Assets to Medivir AB

Date : 12/29/2016 @ 10:30AM
Source : GlobeNewswire Inc.
Stock : NO^TLOG (TLOG)
Quote :  0.1102  0.0 (0.00%) @ 2:05AM

TetraLogic Pharmaceuticals Corporation Announces Completion of Sale of SMAC Mimetic and HDAC Inhibitor Assets to Medivir AB

TetraLogic Pharmaceuticals Corporation (NASDAQ:TLOG) (“TetraLogic” or “Company”) and its wholly-owned subsidiary
TetraLogic Research and Development Corporation (“TDRC”) today announced that they have completed the sale to
Medivir AB (Nasdaq Stockholm:MVIR) (“Medivir”) of their SMAC mimetic 
program, including their clinical stage asset birinapant,
and their topical HDAC inhibitor, remetinostat (SHAPE), to Medivir (the “Sale”) for a purchase price of (i) $12 million payable in
cash at closing plus (ii) milestone payments of up to $153 million based on the development and commercialization of TetraLogic’s
product candidates by Medivir subject to certain conditions and limitations 
described in the Asset Purchase Agreement for the Sale
and (iii) additional earn-out payments based on annual net sales of birinapant, subject to certain conditions and limitations described
in the Asset Purchase Agreement for the Sale as follows:


  • the Company will be entitled to 5% of annual net sales from $0 to $500,000,000;
    the Company will be entitled to 7.5% of annual net sales from $500,000,000 to $1,000,000,000; and
    the Company will be entitled to 10% of annual net sales above $1,000,000,000.

Medivir also assumed certain assumed liabilities.

The transaction was approved by the holders of TetraLogic’s outstanding convertible debt (the “Senior Notes”) and by a vote of TetraLogic’s stockholders holding a
majority of the shares eligible to vote, at a stockholders’ meeting held on December 29, 2016.

Under its agreement with the holders of Senior Notes, the Company will use the $12 million cash proceedsreceived at closing of the Sale to redeem $12 million
in aggregate principal amount of the Senior Notes then outstanding.  The holders of the Senior Notes have also agreed to extend the maturity date of the
Senior Notes to June 15, 2024 and to receive interest payments in additional Senior Notes in lieu of cash.

The Company has voluntarily delisted its Common Stock, from The Nasdaq Global Market and deregistered its Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended.

In connection with the completion of the Sale, Mr. J. Kevin Buchi, Dr. Mary Ann Gray, Mr. Michael Kishbauch, Mr. Paul Schmitt and Dr. Andrew Pecora each resigned
as a member of the Board of Directors of the Company, effective December 30, 2016.  The resignation was not a result of any disagreement with the Company on
any matter relating to the Company’s operations, policies or practices.  Additionally, effective December 30, 2016, Mr. J. Kevin Buchi resigned as
Chief Executive Officer of the Company, Mr. Richard Sherman resigned as Senior Vice President, Secretary and General Counsel of the Company,
Mr. Patrick Hutchison resigned as Chief Financial Officer and Treasurer of the Company and Dr. Tony Meehan resigned as Chief Operating Officer of the Company. 
In connection with their resignation, each officer entered into a settlement and release agreements pursuant to which each received a lump sum settlement in the aggregate
amount previously disclosed in the Company’s Form 8-K filed on November 14, 2016.

Forward-Looking Statements

Some of the statements in this press release and other written and oral statements made from time to time by TetraLogic and its representatives are
“forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. These statements include statements regarding cost savings and other benefits expected to be derived from the delisting and deregistration and the intent
and belief or current expectations of TetraLogic and its management team. Such statements may be identified by the use of words like “anticipate”, “believe”, “estimate”,
“expect”, “intend”, “may”, “plan”, “will”, “should”, “seek”, the negative of these terms or other comparable terminology. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the
forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of TetraLogic’s filings with the SEC, including
TetraLogic’s Form 10-K for the year ended December 31, 2015 and the Company’s Form 10-Q for the quarter ended September 30, 2016, for information regarding risk factors that could affect TetraLogic’s results.

The forward-looking statements contained in this press release speak only as of the date of this press release and TetraLogic undertakes no obligation to publicly update any
forward-looking statements to reflect changes in information, events or circumstances after the date of this press release, unless required by law.

  CONTACT:  Richard L. Sherman General Counsel, TetraLogic Pharmaceuticals Corporation  [email protected]

Primary Logo

Active Clinical Programs

Myelodysplastic Syndromes (MDS) Birinapant    
Cutaneous T-Cell Lymphoma (CTCL) SHAPE    
Ovarian Cancer Birinapant    
Hepatitis B

Presentations & Publications

Bioradiations: What Academic Researchers Can Learn from Small Biotechs about Antibody Validation

Combination effects of SMAC mimetic birinapant with TNFα, TRAIL, and docetaxel in preclinical models of HNSCC

> See all Presentations & Publications

About TetraLogic Pharmaceuticals

TetraLogic Pharmaceuticals (Nasdaq: TLOG) is a clinical-stage biopharmaceutical company focused on discovering, acquiring and developing novel product candidates to treat cancer and infectious diseases. We currently have two clinical-stage product candidates in development: birinapant and suberohydroxamic acid (4-methoxycarbonyl) phenyl ester (SHAPE).

Birinapant is designed to mimic the activity of an endogenous protein, the Second Mitochondrial Activator of Caspases, or SMAC, which is involved in the regulation of the apoptotic process within cells. Avoidance of apoptosis is a critical step in cancer tumor development and certain infectious diseases.

SHAPE is a histone deacetylase inhibitor, or HDACi. Altered expression of histone deacetylases, or HDACs, has been linked to tumor development and several drugs approved for systemic use in the treatment of cancers take advantage of this mechanism.

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• We do NOT recommend that anyone buy or sell any securities posted herewith. Any trade entered into risks the possibility of losing the funds invested.
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TLOG News: TetraLogic Pharmaceuticals Corporation Announces Completion of Sale of SMAC Mimetic and HDAC Inhibitor Assets to Medivir AB 12/29/2016 10:30:00 AM
TLOG News: Termination of Registration of a Class of Security Under Section 12(b) (15-12b) 12/02/2016 09:33:39 AM
TLOG News: Proxy Statement (definitive) (def 14a) 12/01/2016 04:44:43 PM
TLOG News: Proxy Statement - Merger or Acquistion (preliminary) (prem14a) 11/22/2016 10:58:40 AM
TLOG News: Current Report Filing (8-k) 11/22/2016 08:27:07 AM
#1008  Sticky Note TLOG TetraLogic Pharmaceuticals Corporation Announces Completion of Sale HDOGTX 12/29/16 10:37:23 AM
#1421   TLOG News: TetraLogic Pharmaceuticals Corporation Announces Completion of mick 03/22/17 01:24:23 PM
#1420   Tetralogic Pharmaceu (TLOG) mick 03/22/17 01:24:16 PM
#1419   big brother company/ Medivir mick 03/18/17 07:42:10 PM
#1418   TLOG News: TetraLogic Pharmaceuticals Corporation Announces Completion of mick 03/17/17 10:22:05 AM
#1417   Tetralogic Pharmaceu (TLOG) mick 03/17/17 10:21:56 AM
#1416   TLOG News: TetraLogic Pharmaceuticals Corporation Announces Completion of mick 02/11/17 03:31:23 PM
#1415   Tetralogic Pharmaceu (TLOG) mick 02/11/17 03:31:17 PM
#1414   Did you buy 3.2 millions shares, seems you akika 02/10/17 05:10:17 PM
#1413   The last few trading sessions in TLOG tells makingbiigdough 02/09/17 10:27:14 AM
#1412   Added more @.0605! Patience pays off BIG TIME makingbiigdough 02/09/17 09:58:55 AM
#1411   7th wave down/ tlog mick 02/08/17 04:46:34 PM
#1410   STRONG REVERSAL IN MOTION THIS MORNING! NABBED ME makingbiigdough 02/08/17 10:44:27 AM
#1409   Investors sleeping on TLOG BIGTIME!! GREAT FOR ME makingbiigdough 02/03/17 09:09:07 PM
#1408   Hemp it, TLOG, like this for example: ubernano 01/27/17 12:45:31 PM
#1407   TLOG - pennystockextreme 01/17/17 08:14:49 AM
#1406   TLOG - BUY!! Closing Bell Active Analyst Ratings pennystockextreme 01/16/17 01:17:52 PM
#1405   reading. TetraLogic Pharmaceuticals Corp. (TLOG)' mick 01/16/17 10:43:29 AM
#1404   TLOG - pennystockextreme 01/13/17 01:41:54 PM
#1403   Need a PR anything a fart in the pennystockextreme 01/13/17 01:23:18 PM
#1402   TLOG - Shorts will be forced to cover pennystockextreme 01/13/17 10:30:57 AM
#1401   Recent Trades - Last 10 of 30/ 'TetraLogic mick 01/12/17 02:59:17 PM
#1400   5500 .10 I believe but .08++ plenty of pennystockextreme 01/12/17 02:44:04 PM
#1399   dunno how many traded intraday 10 cent trade mick 01/12/17 01:50:30 PM
#1398   tlog the fatfinger trade is telling ah story mick 01/12/17 01:49:04 PM
#1397   TLOG - Recovered like a champ Short's are pennystockextreme 01/12/17 01:29:46 PM
#1396   You don't just smoke it, eh. ubernano 01/12/17 12:57:03 PM
#1395   I agree! ubernano 01/12/17 12:53:39 PM
#1394   intraday fatfinger, 01-12-2017/ TetraLogic Pharmaceuticals Corp. (TLOG)' mick 01/12/17 11:35:40 AM
#1393   i do agree/ TetraLogic Pharmaceuticals Corp. (TLOG)' mick 01/12/17 11:34:53 AM
#1392   TLOG - BOOOOOOM!! HERE WE GO!! SEE YOU pennystockextreme 01/12/17 11:09:34 AM
#1391   the completion of one *W* then the start mick 01/12/17 10:38:05 AM
#1390   TLOG - I Totally agree this can EXPLODE pennystockextreme 01/12/17 10:26:57 AM
#1389   call is bullish/ keep radar on tlog one mick 01/12/17 09:56:50 AM
#1388   THANK YOU/ mick 01/11/17 03:39:52 PM
#1387   You know, there is money in marijuana. ubernano 01/11/17 12:05:30 PM
#1386   Tetralogic Pharmaceu (TLOG) mick 01/11/17 11:39:46 AM
#1385   investors not paying attention/ 'TetraLogic Pharmaceuticals Corp. (TLOG)' mick 01/11/17 11:04:37 AM
#1384   TLOG - Trap these Short's and KABOOOOOM!! pennystockextreme 01/11/17 10:36:43 AM
#1383   RELOADED HERE - TLOG GET READY %$%%%$%$$%%%% pennystockextreme 01/11/17 10:32:51 AM
#1382 mick 01/11/17 10:05:33 AM
#1381   Seems lucrative. ubernano 01/11/17 09:58:44 AM
#1380   whenis the Q due ????? 'TetraLogic Pharmaceuticals Corp. mick 01/11/17 07:43:25 AM
#1379   Q1 may have lots of goodies GoldenDD 01/10/17 05:08:35 PM
#1378   I THINK COULD BE BIGTIME SLEEPER/ TetraLogic Pharmaceuticals mick 01/10/17 04:00:39 PM
#1376   good information/ mick 01/10/17 10:12:05 AM
#1375   i have been following, reading. this company was mick 01/10/17 09:56:44 AM
#1374   TLOG is still developing the drug "SHAPE" and mick 01/09/17 10:26:02 PM
#1373   TLOG - Next PR TetraLogic Pharmaceuticals Corp. Has pennystockextreme 01/09/17 02:27:04 PM
#1372   I suppose every company needs directors though I ubernano 01/09/17 02:26:15 PM
#1371   OA - what I am looking forward to ubernano 01/09/17 02:23:40 PM