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#3, Paycheck Protection Program Promissory Note dated April 21, 2020 between Mateon Therapeutics, Inc. and Silicon Valley Bank.
Current Report Filing (8-k) Edgar (US Regulatory) - 4/27/2020 2:47:38 PM
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Item 1.01 Entry into a Material Definitive Agreement.
On April 21, 2020, Mateon Therapeutics, Inc. (the "Company"), entered into a Paycheck Protection Program Promissory Note (the "PPP Note")
with respect to a loan in the amount of $250,000 (the "PPP Loan") from Silicon Valley Bank (the "Lender").
The PPP Loan was obtained pursuant to the Paycheck Protection Program (the "PPP") of the Coronavirus Aid, Relief,
and Economic Security Act (the "CARES Act") administered by the U.S. Small Business Administration ("SBA").
The PPP Loan matures on April 21, 2022 and bears interest at a rate of 1.00% per annum.
The PPP Loan is payable in 17 equal monthly payments commencing November 21, 2020.
The PPP Loan may be prepaid at any time prior to maturity with no prepayment penalties.
All or a portion of the PPP Loan may be forgiven by the SBA and the Lender upon application by the Company within 60 days
but not later than 120 days after loan approval and upon documentation of expenditures in accordance with the SBA requirements.
Under the CARES Act, loan forgiveness is available for the sum of documented payroll costs, covered rent payments, and
covered utilities during the eight week period commencing on the date of loan approval.
For purposes of the CARES Act, payroll costs exclude compensation of an individual employee in excess of $100,000, prorated annually.
Not more than 25% of the forgiveness amount may be for non-payroll costs.
Forgiveness is reduced if full- time headcount declines,
or if salaries and wages of employees with salaries of $100,000
or less annually are reduced by more than 25%.
After approval of the forgiveness amount and 6 month deferral period, the Lender will provide the Company with
written notification of re-amortization of the PPP Loan and the remaining balance.
The foregoing description of the PPP Loan is qualified in its entirety by reference to the PPP Note filed as Exhibit 10.1 to this report and incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure under Item 1.01 above is incorporated by reference in this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
See Exhibit Index.
Exhibit No. Description
Paycheck Protection Program Promissory Note dated April 21, 2020 between Mateon Therapeutics, Inc. and Silicon Valley Bank.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Mateon Therapeutics Inc
Date: April 27, 2020 By: /s/ Vuong Trieu
Name: Vuong Trieu
Title: Chief Executive Officer https://www.oncotelic.com/covid-19/
Annals of Pulmonary and Critical Care Medicine (APCCM) a peer-reviewed online publishing journal.
The company has been focused on advancing OT-101 as an immunotherapy for the treatment of cancer and the program is ready for advancement into phase 3 studies based on data from over 200 patients that support its activity and safety.
Upon assessing the broad impact of the SARS-CoV-2 virus and associated COVID-19 complications the company tested its lead compound that showed potent activity in the lab and promising data for treating the virus infection and associated complications based on the OT-101 mechanism of action.
Mateon has two candidates, OT-101 (Trabedersen) and Artemisinin, that can immediately be advanced in COVID-19 clinical trials.
FDA has been engaged for OT-101 for a COVID-19 patient study
Oncotelic is actively seeking collaborations with corporations, academic institutions, and patient groups to advance our programs.
We have a history of successful partnerships and welcome new collaboration and licensing opportunities.
Interested parties may contact:
Chulho Park PhD, Chief Technology Officer
29397 Agoura Rd., Suite 107
Agoura Hills, CA 91301
The Christie Hospital NHS Foundation Trust
Through our history of collaborative research, Mateon has supported clinical research projects in the United Kingdom (UK) led by
Cancer Research UK (CRUK) along with additional academic partners.
Currently, we are supporting the PAZOFOS study (NCT02055690), which is being led by The Christie Hospital NHS Foundation Trust
and coordinated by the Manchester Academic Health Science Centre,
Trials Coordination Unit, or MAHSC-CTU, with additional support from The University of Manchester, the Royal Marsden NHS Foundation Trust,
and Mount Vernon Cancer Centre (part of the East and North Hertfordshire NHS Trust).
This Phase 1b/2 study is evaluating the combination of CA4P (fosbretabulin) with the tyrosine kinase inhibitor pazopanib (Votrient®) versus pazopanib
alone for the treatment of advanced recurrent ovarian cancer.
We are providing CA4P for use in this trial.
University of Kentucky, Markey Cancer Center
Continuing in our history of collaborative research, Mateon is providing investigational drug to the Markey Cancer Center for their study Study MCC-2016-08 (NCT03014297).
The study is designed as a single center, open label, phase 1 clinical trial for patients with grade 1-3 gastroenteropancreatic neuroendocrine tumors.
In the first part of the study, up to 15 patients will be treated with everolimus in combination with two different dosing regimens of
CA4P to establish appropriate CA4P dosing levels and evaluate the safety of the drug combination.
The second part of the study is designed to enroll 15 additional patients for assessment of additional safety and efficacy data.
Patients enrolled in MCC-2016-088 will be treated with CA4P and everolimus for 12 weeks.