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CareDx Restructures and Defers Certain Obligations to March 2019
Key terms of the agreements include:
- CareDx's deferred purchase consideration in an aggregate amount of approximately
$6.3 millionwas originally due to the former majority shareholders of Allenex ABon July 1, 2017. Under the amended agreements, CareDxwill pay $500,000and convert approximately $1.1 millioninto shares of CareDxcommon stock on or about July 3, 2017. Approximately $2.0 millionof the obligation will be due by December 31, 2017, and may be paid in stock pending stockholder approval. Payment of the remaining approximately $2.7 million, plus accrued interest, will be deferred until March 31, 2019.
- Promissory notes with the former majority shareholders of
Allenex ABwith an aggregate value of approximately $4.0 millionwere originally due on July 1, 2017. Under the new agreements, CareDxwill pay the outstanding principal amounts, plus accrued interest, on March 31, 2019.
For more information, please visit: www.CareDx.com.
Forward Looking Statements
This press release contains forward-looking statements about our business, research, development and commercialization efforts including, but not limited to our anticipated future financial results, including the expected impact of the restructuring on CareDx's cash position and balance sheet. These forward-looking statements are based upon information that is currently available to us and our current expectations, speak only as of the date hereof, and are subject to numerous risks and uncertainties, including risk associated with successful research, development and planned commercialization of our technologies. These factors, together with those that are described in our filings with the
Caroline Corner, Managing Director Westwicke Partners, LLC T: +1 415-202-5678 E: email@example.com
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