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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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#1867  Sticky Note Updating Review, Waiting for Royalty,huge reading- TetraLogic Pharmaceuticals mick 03/09/20 07:40:39 PM
#1869   Updating Review, Waiting for Royalty,huge reading- TetraLogic Pharmaceuticals mick 03/15/20 01:44:46 PM
#1868   8 day-50 day-200 day-https://www.barchart.com/stocks/quotes/TLOG/technical-chart mick 03/15/20 12:55:56 PM
#1867   Updating Review, Waiting for Royalty,huge reading- TetraLogic Pharmaceuticals mick 03/09/20 07:40:39 PM
#1866   Tetralogic Pharmaceuticals Cor, Inst Holders, 4Q 2019 (TLOG) mick 03/09/20 07:38:51 PM
#1865   TetraLogic Pharmaceu (TLOG) mick 03/09/20 07:36:49 PM
#1864   hi there, good afternoon. mick 03/09/20 07:36:41 PM
#1863   Birinapant should be explored to treat Coronavirus venturepart 02/28/20 03:55:45 PM
#1862   NO, i believe in right to try. mick 02/25/20 09:46:29 AM
#1861   https://otcbb.swingtradebot.com/equities/TLOG mick 02/25/20 09:45:28 AM
#1860   Does anyone remember the Asset Sale milestone triggers? venturepart 02/02/20 03:00:22 AM
#1859   Tetralogic Pharmaceu (TLOG) mick 02/01/20 11:25:59 AM
#1858   Tetralogic Pharmaceu (TLOG) mick 01/16/20 04:31:27 PM
#1857   Dec. 18, 2019 /PRNewswire/ -- Medivir AB Investigator-initiated venturepart 12/18/19 08:38:20 PM
#1856   Odd FlySwater showed up couple weeks ago and venturepart 12/17/19 07:24:50 PM
#1855   https://www.medivir.com/investors/press-releases/2019/futility-analysis-performe Flygy481 12/17/19 06:45:33 PM
#1854   FlySwater Ok you’ve got me intrigued. New account. Well venturepart 12/12/19 11:38:35 PM
#1853   Futility statement is in regards to birinapant and FlySwater 12/12/19 05:27:11 PM
#1852   ClinicalTrials gov Identifier: NCT03875859 venturepart 12/11/19 11:25:02 PM
#1851   Understood. You just happen to have a brand venturepart 12/11/19 01:25:11 PM
#1850   Futility statement has been scheduled to come out FlySwater 12/11/19 04:35:47 AM
#1849   FlySwater: Welcome to Investorsihub, I wanted to congratulate venturepart 12/10/19 07:52:33 PM
#1848   Source? Flygy481 12/09/19 10:59:41 PM
#1847   Futility Statement due in 4th quarter of 2019... FlySwater 12/09/19 05:12:21 PM
#1846   https://otcbb.swingtradebot.com/equities/TLOG mick 12/01/19 10:52:58 AM
#1845   https://otcbb.swingtradebot.com/equities/TLOG:OTC mick 11/04/19 01:10:48 PM
#1844   https://www.medivir.com/investors/press-releases/2019/medivir-presents-miv-818-d Flygy481 10/30/19 05:58:04 PM
#1843   $TLOG/thank you,{MVIR) $TLOG PARTNER/Stockholm, Sweden — Medivir AB mick 10/23/19 05:21:29 PM
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#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
#1827   ih.advfn.com/p.php?pid=staticchart&s=NO%5ETLOG&t=37&p=5&dm=0&vol=0&width= mick 10/05/19 01:30:39 PM
#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