As previously reported, on February 1, 2013, Capricor, Inc. (“Capricor”), a wholly owned subsidiary of Capricor Therapeutics, Inc. (the “Company”), and the California Institute for Regenerative Medicine (“CIRM”) entered into a Notice of Loan Award and Loan Agreement (collectively the “Loan Award”). In 2015, the Company entered into a Joinder Agreement with Capricor and CIRM, pursuant to which, among other things, the Company agreed to become a loan party under the Loan Award. Pursuant to the Loan Award, CIRM loaned Capricor approximately $15.6 million, which includes accrued interest (the “Loan Balance”).
On December 11, 2017, Capricor and CIRM entered into Amendment No. 3 to the CIRM Notice of Loan Award (DR2A-05735) (“Amendment No. 3”) whereby the total Loan Balance under the Loan Award has been forgiven by CIRM thereby terminating Capricor and the Company’s obligation to repay the Loan Balance.
The decision to terminate the Loan Award and forgive the Loan Balance was due to the abandonment of the ALLSTAR project at the end of the project period in accordance with Section 4.10 of the Loan Agreement and Article VII, Section I of the CIRM Loan Administration Policy. In November 2017, Capricor completed the final operational milestone under the terms of the Loan Award. The foregoing description of Amendment No. 3 does not purport to be complete and is qualified in its entirety by reference to the full text of Amendment No. 3, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 8.01. Other Events.
Pro Forma Balance Sheet
In connection with Amendment No. 3 to the Loan Award described in Item 1.02, an unaudited condensed consolidated pro forma balance sheet of the Company as of September 30, 2017 is attached as Exhibit 99.1 to this Current Report on Form 8-K. The unaudited condensed consolidated pro forma balance sheet has been prepared to reflect the forgiveness of the Loan Balance under the Loan Award, which occurred subsequent to the fiscal quarter ended September 30, 2017, as if the events occurred on September 30, 2017. The unaudited condensed consolidated pro forma balance sheet does not reflect any other subsequent events. The attached unaudited condensed consolidated pro forma balance sheet does not necessarily reflect the financial position or results of operations that would have actually resulted had the loan forgiveness occurred as of the dates indicated, nor should it be taken as necessarily indicative of the future financial position or results of operations of the Company.
The unaudited condensed consolidated pro forma financial information is provided for information purposes only, and should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, as filed with the SEC on November 14, 2017 (the “Form 10-Q”), and the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC on March 16, 2017 (the “Form 10-K”), including the more detailed financial statements and notes thereto included therein.
The pro forma financial information is subject to risks and uncertainties, including those discussed in the Form 10-Q and the Form 10-K under the caption “Risk Factors”.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
10.1 Amendment No. 3 to the CIRM Notice of Loan Award, dated December 11, 2017
99.1 Pro Forma Balance Sheet of Capricor Therapeutics, Inc. as of September 30, 2017.
SIGNATURES
Recent CAPR News
- Form 8-K - Current report • Edgar (US Regulatory) • 09/17/2024 01:15:10 PM
- Capricor Therapeutics Signs Binding Term Sheet with Nippon Shinyaku for European Expansion and Commercialization of Deramiocel for the Treatment of Duchenne Muscular Dystrophy • GlobeNewswire Inc. • 09/17/2024 01:15:00 PM
- Capricor Therapeutics to Present at Upcoming Investor and Scientific Conferences • GlobeNewswire Inc. • 09/06/2024 12:30:00 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 08:02:26 PM
- Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend] • Edgar (US Regulatory) • 08/23/2024 08:01:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 01:00:07 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2024 09:00:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/07/2024 08:06:46 PM
- Capricor Therapeutics Reports Second Quarter 2024 Financial Results and Provides Corporate Update • GlobeNewswire Inc. • 08/07/2024 08:05:00 PM
- Capricor Therapeutics to Present Second Quarter 2024 Financial Results and Recent Corporate Update on August 7 • GlobeNewswire Inc. • 07/31/2024 01:00:00 PM
- Capricor Therapeutics Set to Join Russell 2000® and Russell 3000® Indexes • GlobeNewswire Inc. • 07/01/2024 01:00:00 PM
- Capricor Therapeutics Announces Long-Term Benefit of Deramiocel (CAP-1002) in Both Skeletal Muscle and Cardiac Function in the HOPE-2 OLE Study in Duchenne Muscular Dystrophy • GlobeNewswire Inc. • 06/28/2024 01:00:00 PM
- Capricor Therapeutics • GlobeNewswire Inc. • 06/25/2024 02:30:57 PM
- Capricor Therapeutics Announces for the Treatment of Duchenne Muscular Dystrophy • GlobeNewswire Inc. • 06/25/2024 12:30:00 PM
- Form S-3 - Registration statement under Securities Act of 1933 • Edgar (US Regulatory) • 06/14/2024 08:31:21 PM
- Capricor Therapeutics Announces Positive Type-B Meeting with FDA for CAP-1002 Program for Duchenne Muscular Dystrophy with an Aim to Expedite BLA Pathway • GlobeNewswire Inc. • 06/11/2024 01:25:00 PM
- Capricor Therapeutics Announces Positive 3-Year Efficacy Results from HOPE-2 Open Label Extension Study of CAP-1002 in Duchenne Muscular Dystrophy • GlobeNewswire Inc. • 06/04/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/15/2024 09:05:30 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/15/2024 09:00:50 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/14/2024 01:00:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/13/2024 08:05:49 PM
- Capricor Therapeutics Reports First Quarter 2024 Financial Results and Provides Corporate Update • GlobeNewswire Inc. • 05/13/2024 08:05:00 PM
- Capricor Therapeutics to Present Exosome Platform Updates at the American Society of Gene and Cell Therapy (ASGCT) 27th Annual Meeting • GlobeNewswire Inc. • 05/09/2024 01:15:00 PM
- Capricor Therapeutics to Present at Upcoming Scientific and Medical Conferences • GlobeNewswire Inc. • 05/08/2024 01:00:00 PM
- Capricor Therapeutics to Present First Quarter 2024 Financial Results and Recent Corporate Update on May 13 • GlobeNewswire Inc. • 05/06/2024 01:00:00 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM