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Subsequent Events
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events
Note 9- Subsequent Events

On July 28, 2016, the Company was informed that the first patient was treated in the NEWTON 2 trial (Nimodipine microparticles to Enhance recovery While reducing TOxicity after subarachNoid hemorrhage).  NEWTON 2 is a Phase 3, multi-center, multi-national, randomized, double-blind, placebo-controlled, parallel-group study comparing the efficacy and safety of EG-1962 to standard of care oral nimodipine in adults with an aneurysmal subarachnoid hemorrhage (aSAH) resulting from a ruptured brain aneurysm.  As a result, pursuant to the Evonik Agreement we are obligated to pay a milestone of $1.0 million within 30 days.

On August 1, 2016, Edge entered into an Amended and Restated Loan and Security Agreement (the “Amended Loan Agreement”) with Hercules Capital, Inc. (formerly known as Hercules Technology Growth Capital) (“Hercules”).  The Amended Loan Agreement amended and restated Edge’s existing loan and security agreement (the “Existing Loan Agreement”) with Hercules entered into on August 28, 2014.  At closing, Edge borrowed the full $15.0 million (less the amount currently outstanding under the Existing Loan Agreement) available for draw under the Amended Loan Agreement. The Amended Loan Agreement allows Edge, at its option, to drawn down a second tranche of $5.0 million on or before June 15, 2017.  Amounts drawn under the Amended Loan Agreement bear interest at rate per annum equal to the greater of (i) 9.15% or (ii) the sum of (a) 9.15% plus (b) the prime rate (as reported in the Wall Street Journal) minus 4.50%.  Edge will make interest-only payments through April 2018, which period may be extended to April 2019 under certain circumstances, after which it will make equal monthly payments of principal and interest.  The loan will mature on February 3, 2020. The loan is secured by substantially all of Edge’s assets, other than intellectual property, which is the subject of a negative pledge. Under the Amended Loan Agreement, Edge is subject to certain customary covenants that limit or restrict its ability to, among other things, incur additional indebtedness, grant any security interests, pay cash dividends, repurchase its common stock, make loans, or enter into certain transactions without prior consent.