Second Advance Prepayment Conditions

Second Advance Prepayment Conditions. Borrower's achievement of each of the following on or before the specified dates: (a) on or before December 31, 2015, treatment of the first patient in Borrower's planned Phase 2 clinical study of vepoloxamer in patients with heart failure; (b) on or before December 31, 2015, positive data is received from an investigator-sponsored Phase 2 clinical study of AIR001 (Clinicaltrials.gov Identifier: NCT02262078) and another investigator-sponsored Phase 2 clinical study of AIR001 (Clinicaltrials.gov... Identifier: NCT01431313) is ongoing; and (c) on or before April 30, 2016, either (A) Borrower's receipt of unrestricted and unencumbered net cash proceeds in an amount equal to at least $15,000,000 from either, or a combination of, (i) upfront cash payments to Borrower resulting from strategic corporate partnerships or (ii) the completion by Borrower of one or more Equity Events, provided that, if any such Equity Event relates to Borrower's offer and sale of Common Stock through an "at the market" offering program, (X) only 50% of any net proceeds received by Borrower after the Closing Date in connection with such offering program shall qualify for the satisfaction of the condition set forth in this clause (c) and (Y) Borrower may only apply an aggregate of $3,000,000 of net proceeds received by Borrower after the Closing Date with respect to such offering program in satisfaction of the condition set forth in this clause (c), or (B) Borrower's demonstration of, to the reasonable satisfaction of Agent, positive results in the EPIC Phase 3 study of vepoloxamer in patients with sickle cell disease View More