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ARYx Therapeutics Inc (ARYX)

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Item 2.04.   Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.


On March 16, 2011, we received a notice of default, or the Notice, from Lighthouse Capital Partners V, L.P., or Lighthouse, indicating that an event of default occurred under that certain Loan and Security Agreement No. 4512, dated as of March 28, 2005, as amended, by and between Lighthouse and us, or the Loan Agreement.


The Notice was the result of our failure to make scheduled payments due under the Loan Agreement for the period from December 1, 2010 through March 1, 2011 and the winding down of our operations, each of which constitutes a material breach of our obligations under the Loan Agreement.  Accordingly, as set forth in the Notice, an event of default has occurred under Sections 8.1 and 8.2 of the Loan Agreement.


In connection with the Loan Agreement, we granted Lighthouse a security interest in our assets, including our intellectual property, or the Collateral.  In accordance with Section 9.1 of the Loan Agreement, the Notice demands we turn over all Collateral covered by the Loan Agreement to Lighthouse, including cash Collateral, and cease any future use of cash Collateral.  We may not be able to make the payments required under the Loan Agreement, and, as previously disclosed, are currently in discussions with Lighthouse and our other secured creditors to facilitate an orderly disposition of our assets. However, there is no assurance we will reach any agreement with Lighthouse and, in such event, our assets may be subject to foreclosure and seizure by Lighthouse under the terms of the Loan Agreement.  We are also considering other alternatives, including filing a bankruptcy petition under Chapter 7 of the U.S. Bankruptcy Code.

ARYx Therapeutics, Inc., a biopharmaceutical company, focuses on developing a portfolio of product candidates designed to eliminate known safety issues associated with commercial drugs using its RetroMetabolic Drug Design technology. The company's products in Phase II clinical trials include ATI-7505 for the treatment of various gastrointestinal disorders, ATI-5923 for the treatment of patients at risk for the formation of dangerous blood clots, and ATI-2042 for the treatment of patients with atrial fibrillation. Its preclinical development stage product comprises ATI-9242 for the treatment of schizophrenia and other psychiatric disorders. In addition, the company's late stage discovery programs consist of ATI-20,000 and ATI-24,000, which focuses on metabolic and gastrointestinal disorders. ARYx Therapeutics has collaboration agreement with Procter & Gamble Pharmaceuticals, Inc. for the development and commercialization of ATI-7505. The company was incorporated in 1997 and is based in Fremont, California.


ARYx Therapeutics Clarifies Current Status of Operations


ARYx Therapeutics, Inc. (NASDAQ:ARYX) today provided further clarification of its status as an operating company, including the on-going appointment of its officers on behalf of the Company. The NASDAQ Staff has requested additional clarification about the Company’s operations in conjunction with their on-going consideration of the Company’s eligibility for continued listing on The NASDAQ Capital market. ARYx remains operational, with specific activities underway, which are designed to further the development and approval of naronapride, and to enhance the value of the Company’s assets. In addition, four officers of ARYx remain in their respective roles as officers, appointed by the board of directors to operate the company in good standing. The officers’ duties, as specified in the ARYx Charter, remain unchanged by the recent reorganization, including the change in their compensation methodology.

As previously announced, ARYx has substantially reduced its operating expenses as the Company awaits guidance from the Food and Drug Administration (“FDA”) on the continued development of its product candidate for various gastrointestinal disorders, naronapride (see press releases of December 15, 2010 and December 21, 2010). Notwithstanding this reduction in operating costs, important functions remain operational and are performed by the Company’s officers and by those former employees of ARYx who, as of December 15, 2010, are now providing needed services under executed consulting agreements. These activities include: regular, current communications with the FDA on matters related to the continued development of naronapride; maintenance of drug product necessary to execute the planned Phase 3 clinical trials on naronapride; maintenance of the 44,000 square foot facility housing ARYx, including the substantial equipment; active consultation with leading physicians and others about the continued development of naronapride in anticipation of FDA guidance; management of due diligence for those current and potential investors involved in the potential continued funding of the ARYx operations; and, the functioning of the Finance group.

While the Company is working toward regaining compliance with all applicable NASDAQ listing requirements, there can be no assurance that it will be able to do so or that its securities will continue to remain listed on The NASDAQ Stock Market. In addition, there is no assurance ARYx will be able to obtain necessary agreements from its secured creditors and the additional funding from investors needed to continue operations beyond 2010 and through to the receipt of the anticipated FDA guidance.



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#219   $ARYX: MAJOR POP now... up 1200% intraday makinezmoney 12/18/17 01:12:03 PM
#218   Digusting company that doesnt report financials. Scam PhoenixwingzZ 03/30/17 06:50:27 AM
#217   why is this still trading? there must be shurtha2000 06/19/14 10:47:48 PM
#216   Hope this stock goes on the rise greedykat31 03/12/14 08:29:18 AM
#215   Anyone know what's going on in this company? jhon18 11/21/13 03:10:48 AM
#214   ARYX - Post History trader53 11/19/13 08:33:22 PM
#213   ARYX - Hit our Target and more, today! trader53 11/19/13 08:31:13 PM
#212   ARYX is looking great this level kranthikumar 11/19/13 10:02:07 AM
#211   ARYX 0.01 - Targets 0.035 trader53 11/15/13 07:32:52 AM
#210   hubba hubba...thanks. chuckloves1969 08/21/13 09:28:55 PM
#209   TIMNF @ .0001 and SALTF @ .0002 - ErnieBilco 08/20/13 04:46:48 PM
#208   a penny for a few symbol thoughts? chuckloves1969 08/20/13 01:54:55 PM
#207   It is probably suicide but someone has been ErnieBilco 08/20/13 08:21:45 AM
#206   hey sarg.... chuckloves1969 08/20/13 01:53:50 AM
#205   Lets rock Anwarpatel 02/27/13 06:57:00 PM
#204   Is anyone out there? Jrod33 07/02/12 09:06:52 PM
#203   We now show the Stop sign on pinksheets. ErnieBilco 09/24/11 10:33:27 PM
#202   Well, it appears the dream of the company ErnieBilco 09/14/11 11:40:19 PM
#201   It was interesting. Don't know why it ErnieBilco 08/23/11 04:26:11 PM
#200   What a f..g exhibition near the close? akeygon 08/23/11 04:21:20 PM
#199   Well at least it hasn't been declared dead yet ErnieBilco 08/18/11 08:22:39 PM
#198   Thanks and you're welcome. :) JJL 07/12/11 08:05:50 PM
#197   Its pure lotto at this point... the last ErnieBilco 07/12/11 08:04:15 PM
#196   Hi Ernie! JJL 07/12/11 07:53:12 PM
#195   ARYX Technical Update for Tuesday, July 12, 2011[/b trader53 07/12/11 05:12:43 AM
#194   July is here. ErnieBilco 07/01/11 10:10:22 PM
#193   ARYX Technical Update for Friday, June 17, 2011 trader53 06/18/11 02:47:02 AM
#192   ARYX Daily Chart trader53 06/16/11 09:57:20 AM
#191   ARYX Update for Wednesday, June 15, 2011 trader53 06/15/11 02:41:58 AM
#190   The clock is ticking....gonna be interesting to see ErnieBilco 06/14/11 09:21:56 PM
#189   Hey Ernie, trader53 06/14/11 11:59:33 AM
#188   Who these guys? ErnieBilco 06/14/11 10:51:21 AM
#187   Hey Ernie, trader53 06/14/11 10:02:43 AM
#186   Lets hope you are right. ErnieBilco 06/14/11 09:19:48 AM
#185   ARYX Update for Tuesday, June 14, 2011 trader53 06/14/11 09:16:44 AM
#184   ARYX Update for Monday, June 13, 2011 trader53 06/12/11 07:30:42 AM
#183   I like ARYX !! trader53 06/12/11 07:21:22 AM
#182   Nope, same story for the rest of my pennies. Jrod33 06/09/11 12:26:51 AM
#181   Just checking in, still no news of any kind. ErnieBilco 06/08/11 10:25:51 PM
#180   Thank you, gltu. I've been lurking Jrod33 05/29/11 08:43:41 PM
#179   If it works out, we could be golden, ErnieBilco 05/29/11 08:40:21 PM
#178   Of course! I'm in it for the ride. Jrod33 05/29/11 08:31:35 PM
#177   Doesn't make sense to get out down here, ErnieBilco 05/29/11 08:28:58 PM
#176   Yea, quite because I have no idea if Jrod33 05/29/11 08:26:50 PM
#175   Very quiet heading into June. ErnieBilco 05/28/11 12:19:48 PM
#174   Not much happening with this - anyone think ErnieBilco 05/14/11 01:17:54 PM
#173   Just betting at this point that they will ErnieBilco 04/30/11 10:30:21 PM
#172   Lab equipment has been sold off (no idea ErnieBilco 04/21/11 07:06:02 PM
#171   Post a link to support your claim please. ErnieBilco 04/12/11 06:55:19 PM
#170   dead cat bounce here lol lol...sell all your CHARLIE125 04/12/11 07:38:07 AM