Rock Creek Pharmaceuticals Inc. (fka RCPIQ)

[Buddhahead]

Struggling Sarasota biopharma considering bankruptcy
Aug 30, 2016, 7:17am EDT Updated Aug 30, 2016, 7:30am EDT in Tampa Bay Business Journal

Excerpts:
"Rock Creek Pharmaceuticals Inc. is considering options — including bankruptcy — after two debtholders said the company was in default."

"In October 2015, it raised $20 million in a private placement of senior secured convertible notes.

On Aug. 24, one of the note holders, Hudson Bay Master Fund Ltd., sent Rock Creek an event of default redemption notice, withdrawing $6.7 million from its account and claiming it is still owed nearly $7 million, Rock Creek disclosed in a SEC filing late on Aug. 29.

Separately, Tenor Capital Management sent Rock Creek an event of default notice on behalf of Alto Opportunity Master Fund, also a note holder, the filing said. Tenor has withdrawn $3.5 million from its account and demanded the balance remaining of $3.8 million be paid in cash no later than Aug. 31.

Rock Creek was in discussion with the note holders when they issued the notices, and has neither agreed nor denied their allegations, the filing said.

“The company is actively exploring all options for treatment of its debt and funding its operating needs, including, but not limited to, initiation of proceedings under laws related to bankruptcy or insolvency,” the filing said."

Article at:
http://www.bizjournals.com/tampabay/news/2016/08/30/struggling-sarasota-biopharma-considering.html