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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

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.
• There are no guarantees when buying or selling any security.

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#1008  Sticky Note TLOG TetraLogic Pharmaceuticals Corporation Announces Completion of Sale HDOGTX 12/29/16 10:37:23 AM
#1488   Damn, nice. TLOG going to get some serious HokieHead 09/18/17 11:00:45 PM
#1487   Medivir Initiates Clinical Study of Birinapant in Combination Ubertino 09/18/17 12:57:18 PM
#1486   Birinapant for the treatment of solid tumours and Ubertino 09/18/17 12:36:39 PM
#1485   Insider has doubled his position and keeps buying, HokieHead 09/18/17 11:03:22 AM
#1484   This was a $6 stock 2 years ago HokieHead 09/18/17 08:40:18 AM
#1483   Since August 1st one insider has increased his HokieHead 09/18/17 08:31:15 AM
#1482   Another ownership filing this AM. I agree with HokieHead 09/18/17 08:22:33 AM
#1481   If it materials, yes BIG gains indeed on michaeldouglas 09/15/17 05:17:14 PM
#1480   Volume surge caught my attention. Will do some HokieHead 09/15/17 05:07:53 PM
#1479   Crickets and TLOG is up 69% michaeldouglas 09/15/17 03:30:21 PM
#1478   Medivir strengthens its clinical pipeline by entering into Ubertino 08/30/17 06:26:46 PM
#1477   Any updates? Flygy481 08/30/17 05:38:24 PM
#1476   Tetralogic Pharmaceu (TLOG) mick 08/25/17 12:17:47 PM
#1475   interesting read my friend $TLOG is this ah mick 08/25/17 12:17:41 PM
#1474 LexTrader 08/18/17 06:13:13 AM
#1473   Because royalties if Birinapant ever comes to market. Kypee 07/21/17 06:07:20 AM
#1472   Why does this company even trade. It's a fl_exec 07/17/17 03:14:39 PM
#1471   Tetralogic Pharmaceu (TLOG) mick 07/09/17 09:41:42 AM
#1470   is this one still live ????? $TLOG mick 07/09/17 09:41:19 AM
#1469   Not for a long time imo, since we Kypee 06/03/17 08:31:13 AM
#1468   any hope here? akika 05/21/17 12:38:22 PM
#1467   $TLOG mick 05/11/17 02:58:50 PM
#1466   $TLOG TetraLogic Pharmaceuticals Corp. mick 05/11/17 02:55:02 PM
#1465   $TLOG mick 05/11/17 02:51:24 PM
#1464   $TLOG mick 05/11/17 02:49:39 PM
#1463   $TLOG TetraLogic Pharmaceuticals Corp. (TLOG) oversold mick 05/11/17 02:42:40 PM
#1462   TLOG News: TetraLogic Pharmaceuticals Corporation Announces Completion of mick 05/11/17 02:42:08 PM
#1461   Tetralogic Pharmaceu (TLOG) mick 05/11/17 02:42:01 PM
#1460   $TLOG still kicking here/ mick 04/27/17 07:19:48 PM
#1459   chart in box showing TWEEZER CALL mick 04/27/17 02:52:01 PM
#1458   good afternoon, oversold / good enrty Tetralogic Pharmaceu (TLOG) mick 04/27/17 02:51:11 PM
#1457   Hello my old friend Tlog. Loading you again :) sandman318i 04/26/17 02:59:55 PM
#1456   $TLOG some trader's don't the deal and worth mick 04/14/17 04:15:32 PM
#1455   So no dilution? Is sicks to see makemoney18 04/13/17 09:21:12 PM
#1454   $TLOG / NO I SEE NO DILUTION ACCORDING mick 04/13/17 01:14:27 PM
#1453   $TLOG WHAT IS THIS DEAL WORTH ????? mick 04/13/17 01:07:07 PM
#1452   $TLOG READ #4 Tetralogic Pharmaceu (TLOG) mick 04/13/17 01:03:07 PM
#1451   $TLOG READ #3 Tetralogic Pharmaceu (TLOG) mick 04/13/17 01:00:25 PM
#1450   $TLOG READ #2 Tetralogic Pharmaceu (TLOG) mick 04/13/17 12:58:41 PM
#1449   $TLOG READ #1 Tetralogic Pharmaceu (TLOG) mick 04/13/17 12:56:14 PM
#1448 mick 04/13/17 12:53:20 PM
#1447   READ $TLOG Historical data is available for up mick 04/13/17 12:51:22 PM
#1446 mick 04/13/17 12:48:50 PM
#1445 mick 04/13/17 12:47:46 PM
#1444   READ $TLOG/ Set Alerts HIGH 0.62 mick 04/13/17 12:46:39 PM
#1443 mick 04/13/17 12:43:18 PM
#1442 mick 04/13/17 12:42:27 PM
#1441 mick 04/13/17 12:38:56 PM
#1440 mick 04/13/17 12:38:13 PM
#1439 mick 04/13/17 12:37:26 PM