Cerecor To Sell Pediatric Portfolio to AYTU BioScience
Cerecor, Inc (CERC)
Last cerecor, inc earnings: 11/14 06:30 am
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Source: GlobeNewswire
-Deal Valued in Excess of $32 Million-Eliminates Debt Associated with Avadel / Deerfield Agreement-Provides Non-Dilutive Cash Generation to Fund R&D -Extends Runway Towards NDA Submission of CERC-801 ROCKVILLE, Md., Oct. 14, 2019 (GLOBE NEWSWIRE) -- Cerecor Inc. (NASDAQ: CERC), a biopharmaceutical company focused on becoming a leader in development and commercialization of treatments for pediatric rare diseases and neurology, announced today that it has entered into an asset purchase agreement with AYTU BioScience, Inc. (“AYTU”) to sell Cerecor’s Pediatric Portfolio in a deal valued in excess of $32 million. The consideration includes a combination of cash and Aytu preferred stock totaling $17 million and the assumption of Cerecor’s outstanding payment obligations payable to Deerfield CSF, LLC (“Deerfield Note”) and certain other liabilities in excess of $15 million, providing non-dilutive cash generation for the Cerecor. The funds from the transaction extend the runway towards
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