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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  Richard.sherman@tetralogicpharma.com

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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#1809  Sticky Note waiting for royalty,huge reading- TetraLogic Pharmaceuticals Corporation Anno mick 08/06/19 08:23:31 AM
#1841   In my opinion I’m getting very curious how venturepart 10/15/19 01:27:54 AM
#1840   https://www.medivir.com/investors/press-releases/2019/us-national-cancer-institu Flygy481 10/14/19 07:45:39 PM
#1839   MMM PERSON SIGNAL TODAY. Tetralogic Pharmaceu (TLOG) mick 10/10/19 10:49:37 PM
#1838   $TLOG/ an even number would be o.k., that mick 10/10/19 10:49:13 PM
#1837   TLOG Stock Price .161? venturepart 10/10/19 05:40:37 PM
#1836   Tetralogic Pharmaceu (TLOG) mick 10/09/19 01:55:39 PM
#1835   MMM BOY'S SIGNAL. TLOG 0.0521 0.0000 0.00% USD 12:37PM EDT 200 mick 10/09/19 01:45:48 PM
#1834   The TLOG ("TLOG" ) future stock price will mick 10/05/19 01:42:00 PM
#1833   TetraLogic Pharmaceuticals Corporation (TLOG) Stock Price Prediction, Stock mick 10/05/19 01:38:17 PM
#1832   TetraLogic Pharmaceuticals Corporation (TLOG) Stock Market info mick 10/05/19 01:37:11 PM
#1831   14 Days Historical Data mick 10/05/19 01:35:57 PM
#1830   Stock Stat-Historical data:-Market Cap (Previous Close): 173,701 mick 10/05/19 01:35:47 PM
#1829   Historical index on US Stock Market: E "Should mick 10/05/19 01:33:12 PM
#1828   Tetralogic Pharmaceu (TLOG) mick 10/05/19 01:31:01 PM
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#1826   https://walletinvestor.com/stock-forecast/TLOG-stock-prediction mick 10/05/19 01:30:23 PM
#1825   is he an officer of $TLOG ????? mick 09/26/19 11:15:52 AM
#1824   #2/ ih.advfn.com/p.php?pid=staticchart&s=NO%5ETLOG&t=37&p=5&dm=0&vol=0&wi mick 09/26/19 11:14:52 AM
#1823   TLOG 1 Month Historical Prices mick 09/26/19 11:13:43 AM
#1822   TLOG Historical Summary mick 09/26/19 11:13:20 AM
#1821   ih.advfn.com/p.php?pid=staticchart&s=TLOG&p=0&t=17&width=336&height=112&v mick 09/26/19 11:11:59 AM
#1820   Tetralogic Pharmaceu (TLOG) mick 09/26/19 11:11:08 AM
#1819   8 day-50 day-200 day-https://www.barchart.com/stocks/quotes/TLOG/technical-chart mick 09/03/19 11:47:07 PM
#1818   Is someone accumulating? Who IS David C. Robins? faceoff 08/26/19 04:08:19 PM
#1817   HI THERE, TLOG 0.0948 +0.0328 +52.90% USD 10:14AM EDT 1,221 mick 08/19/19 01:19:56 PM
#1816   www.stockscores.com/chart.asp?TickerSymbol=TLOG&TimeRange=180&Interval=d& mick 08/12/19 11:35:39 PM
#1815   ALS --- WOW --- Dying Patients vs. the mick 08/06/19 08:36:00 AM
#1814   Overall Average: $TLOG/96% BUY mick 08/06/19 08:33:53 AM
#1813   President Trump Signs Bill To Allow Terminally-Ill Patients mick 08/06/19 08:30:59 AM
#1812   https://www.otcmarkets.com/filing/html?id=13233763&guid=oe5IUnPGGQq2Lth mick 08/06/19 08:29:27 AM
#1811   SEC Filings - https://www.otcmarkets.com/stock/TLOG/disclosure mick 08/06/19 08:28:31 AM
#1810   TLOG SECURITY DETAILS, Outstanding Shares 24,769,083 mick 08/06/19 08:27:22 AM
#1809   waiting for royalty,huge reading- TetraLogic Pharmaceuticals Corporation Anno mick 08/06/19 08:23:31 AM
#1808   Terminally ill mom writes a lifetime of greeting mick 08/06/19 08:15:46 AM
#1807   Family carrying terminally ill baby to term speaks out mick 08/06/19 08:14:02 AM
#1806   Scott Hamilton on ‘Right to Try’: Terminally ill mick 08/06/19 08:12:39 AM
#1805   House passes 'right to try' bill that helps mick 08/06/19 08:03:11 AM
#1804   Colorado 1st State With 'Right to Try' Experimental mick 08/06/19 08:01:35 AM
#1803   Extended Cut: Should the Terminally Ill Have the mick 08/06/19 08:00:19 AM
#1802   yes right to try law, my daughter died mick 08/06/19 07:59:37 AM
#1801   https://www.youtube.com/results?search_query=the+right+to+try+law mick 08/06/19 07:55:25 AM
#1800   THE RIGHT TO TRY , ESTABLISHED BY TRUMP, mick 08/06/19 07:52:12 AM
#1799   I beg to differ. 20k+ shares are a venturepart 07/25/19 10:27:50 PM
#1798   26K is not a lot of volume Flygy481 07/25/19 07:20:01 PM
#1797   Very nice close - .09 on solid volume venturepart 07/25/19 04:18:16 PM
#1796   Tetralogic Pharmaceu (TLOG) mick 07/23/19 10:39:39 PM
#1795   Anyone has the report ? zoomlik 07/02/19 08:49:42 PM
#1794   Typo. Read the HC buy report. venturepart 06/26/19 03:22:06 PM
#1793   H.C. Wainwright Starts Medivir as Buy venturepart 06/26/19 01:07:23 PM
#1792   Global Cutaneous T-Cell Lymphoma (CTCL) Market Spotlight venturepart 06/19/19 12:51:57 PM