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Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
License and Supply Agreement
On January 14, 2020, the Company entered into license and supply agreements with a wholly-owned subsidiary of Sun Pharmaceutical Industries Ltd. (together, “Sun Pharma”), for the rights to commercialize Dialysate Triferic (ferric pyrophosphate citrate) in India. Under the terms of the agreements, Sun Pharma will be the exclusive development and commercialization partner for Dialysate Triferic in India and the Company will supply the product to Sun Pharma. In consideration for the license, the Company will receive an upfront fee, and will be eligible for milestone payments and royalties on net sales. A Joint Alliance Committee, comprised of members from the Company and Sun Pharma, will guide the development and execution for Dialysate Triferic in India. Sun Pharma will be responsible for all clinical, regulatory and commercialization activities.
Public Offering

On February 4, 2020, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Cantor Fitzgerald & Co., as underwriter (the “Underwriter”), pursuant to which the Company (i) agreed to issue and sell an aggregate of 3,191,489 shares of its common stock (the “Shares”) to the Underwriter and (ii) granted the Underwriter an over-allotment option for 30 days to purchase up to an additional 478,723 shares that may be sold upon the exercise of such option by the Underwriter (the “Offering”). The Shares were purchased by the Underwriter from the Company at a price of $2.22 per share.

The Offering was made pursuant to the Company’s effective Registration Statement on Form S-3 (File No. 333-227363), which was previously filed with the SEC under the Securities Act. The Offering closed on February 6, 2020. On February 19, 2020, the Underwriter exercised its over-allotment option in full and an additional 478,723 shares were sold to the underwriter on February 21, 2020. The Company raised a total of $8.0 million, net of an estimated issuance costs of $0.2 million, relating to the sale of the common stock.
Loan and Security Agreement

On March 16, 2020, Rockwell Medical, Inc. and Rockwell Transportation, Inc., as Borrowers, entered into a Loan and Security Agreement (the "Loan Agreement") with Innovatus Life Sciences Lending Fund I, LP, as collateral agent and the lenders party thereto to obtain term loans in an amount up to $35 million. $22.5 million, under the Loan Agreement was drawn on the date of closing, and the remaining $12.5 million will be available for subsequent draws based on our achievement of certain milestones. Net draw down proceeds was $21 million with estimated closing costs of $1.5 million. Interest on the loans will accrue either in cash or a combination of cash and in kind interest, at our election. Cash interest will accrue at a rate equal to the greater of (i) Prime Rate and (ii) 4.75%, plus 4.00%, for an initial interest rate of 8.75% per annum. We have the option, under certain circumstances, to add 1.00% of such interest rate amount to the then outstanding principal balance in lieu of paying such amount in cash. The Company is entitled to make interest-only payments for thirty months, or up to thirty-six months if certain conditions are met. The Loan Agreement contains representations and warranties, affirmative and negative covenants, and events of default that are customary for credit facilities of this type. The term loans will mature on March 16, 2025.
Distribution Agreement
On March 16, 2020, we entered into the Second Amendment to the Exclusive Distribution Agreement with Baxter (the “Second Amendment”). Pursuant to the Second Amendment, the parties agreed to remove Baxter’s consent right over transactions granting a security interest on the assets used to manufacture or commercialize our concentrates products, and amended certain other terms of the agreement related to manufacturing and failure to supply, reimbursement for certain transportation costs, and conditions for extension of the contract in 2024.