Acorda Therapeutics to Make June 2023 $6.2 Million Interest Payment on Secured Debt in Cash
May 10 2023 - 7:00AM
Business Wire
Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that it
will make a cash interest payment of approximately $6.2 million due
on June 1, 2023 under its Convertible Senior Secured Notes
Indenture.
Under the terms of the Indenture, Acorda may elect to make
interest payments under the Indenture in cash or shares of the
Company’s common stock. The Company will make the interest payment
using cash that was placed in escrow when the Notes were issued,
which is reported on the Company’s balance sheet as restricted
cash. By making this interest payment in cash, the Company has
ensured that there will be no dilution to shareholders as a result
of this payment. The June 1 payment is the last payment in which
the Company has the option to pay in cash or shares. All future
payments will be made in cash.
About Acorda Therapeutics Acorda Therapeutics develops
therapies to restore function and improve the lives of people with
neurological disorders. INBRIJA® is approved for intermittent
treatment of OFF episodes in adults with Parkinson’s disease
treated with carbidopa/levodopa. INBRIJA is not to be used by
patients who take or have taken a nonselective monoamine oxidase
inhibitor such as phenelzine or tranylcypromine within the last two
weeks. INBRIJA utilizes Acorda’s innovative ARCUS® pulmonary
delivery system, a technology platform designed to deliver
medication through inhalation. Acorda also markets the branded
AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.
Forward-Looking Statements This press release includes
forward-looking statements. All statements, other than statements
of historical facts, regarding management's expectations, beliefs,
goals, plans or prospects should be considered forward-looking.
These statements are subject to risks and uncertainties that could
cause actual results to differ materially, including: we may not be
able to successfully market INBRIJA, AMPYRA or any other products
under development; the COVID-19 pandemic, including related
restrictions on in-person interactions and travel, and the
potential for illness, quarantines and vaccine mandates affecting
our management, employees or consultants or those that work for
other companies we rely upon, could have a material adverse effect
on our business operations or product sales; our ability to attract
and retain key management and other personnel, or maintain access
to expert advisors; our ability to raise additional funds to
finance our operations, repay outstanding indebtedness or satisfy
other obligations, and our ability to control our costs or reduce
planned expenditures; risks associated with the trading of our
common stock; risks related to the successful implementation of our
business plan, including the accuracy of its key assumptions; risks
related to our corporate restructurings, including our ability to
outsource certain operations, realize expected cost savings and
maintain the workforce needed for continued operations; risks
associated with complex, regulated manufacturing processes for
pharmaceuticals, which could affect whether we have sufficient
commercial supply of INBRIJA or AMPYRA to meet market demand; our
reliance on third-party manufacturers for the timely production of
commercial supplies of INBRIJA and AMPYRA; third-party payers
(including governmental agencies) may not reimburse for the use of
INBRIJA or AMPYRA at acceptable rates or at all and may impose
restrictive prior authorization requirements that limit or block
prescriptions; reliance on collaborators and distributors to
commercialize INBRIJA and AMPYRA outside the U.S.; our ability to
satisfy our obligations to distributors and collaboration partners
outside the U.S. relating to commercialization and supply of
INBRIJA and AMPYRA; competition for INBRIJA and AMPYRA, including
increasing competition and accompanying loss of revenues in the
U.S. from generic versions of AMPYRA (dalfampridine) following our
loss of patent exclusivity; the ability to realize the benefits
anticipated from acquisitions because, among other reasons,
acquired development programs are generally subject to all the
risks inherent in the drug development process and our knowledge of
the risks specifically relevant to acquired programs generally
improves over time; the risk of unfavorable results from future
studies of INBRIJA (levodopa inhalation powder) or from other
research and development programs, or any other acquired or
in-licensed programs; the occurrence of adverse safety events with
our products; the outcome (by judgment or settlement) and costs of
legal, administrative or regulatory proceedings, investigations or
inspections, including, without limitation, collective,
representative or class-action litigation; failure to protect our
intellectual property, to defend against the intellectual property
claims of others or to obtain third-party intellectual property
licenses needed for the commercialization of our products; and
failure to comply with regulatory requirements could result in
adverse action by regulatory agencies.
These and other risks are described in greater detail in our
filings with the Securities and Exchange Commission. We may not
actually achieve the goals or plans described in our
forward-looking statements, and investors should not place undue
reliance on these statements. Forward-looking statements made in
this press release are made only as of the date hereof, and we
disclaim any intent or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this press release, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230510005117/en/
Tierney Saccavino (917) 783-0251 tsaccavino@acorda.com
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