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AXCELLA HEALTH INC.

(AXLA)
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AXCELLA HEALTH INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

09/07/2021 | 04:18pm EDT

Item 1.01 Entry into a Material Definitive Agreement.

On September 2, 2021, Axcella Health Inc. (the "Company") entered into Loan and Security Agreement (the "New Loan Agreement") with SLR Investment Corp., f/k/a Solar Capital Ltd. ("SLR"), in its capacity as collateral agent ("Agent"), and the parties signing the New Loan Agreement from time to time as Lenders, including SLR in its capacity as a Lender (each a "Lender" and collectively, the "Lenders"). The New Loan Agreement replaced that certain Loan and Security Agreement by and among the Company and SLR, dated as of January 9, 2018, as amended by that certain First Amendment to Loan and Security Agreement dated as of October 7, 2018, as further amended by that certain Second Amendment to Loan and Security Agreement dated as of November 30, 2018, as further amended by that certain Third Amendment to the Loan and Security Agreement dated as of August 28, 2020 (as amended, the "Prior Loan Agreement").

The New Loan Agreement provides for a term loan commitment of up to $26.0 million, which funds will be used to pay off the entirety of the outstanding term loan obligations under the Prior Loan Agreement (the "Term Loan"). Borrowings under the New Loan Agreement accrue interest at an annual rate equal to 8.60% plus the greater of (a) the thirty (30) day U.S. Dollar LIBOR rate and (b) 0.10%, payable monthly in arrears. As of September 2, 2021, approximately $26.0 million is outstanding under the New Loan Agreement, which reflects only the amount required to pay off the Term Loan. The term loans under the New Loan Agreement each have a maturity date of September 1, 2026.

The New Loan Agreement also contains certain financial covenants, including an unrestricted minimum cash level until certain study data conditions are met. The New Loan Agreement contains customary representations and warranties, as well as certain non-financial covenants, including engaging in any change of control transaction or incurring additional indebtedness or liens. As security for its obligations under the New Loan Agreement, the Company granted the Lenders a first priority perfected security interest in all of the Company's existing and after-acquired assets, including intellectual property.

The above description of the New Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the New Loan Agreement, which is filed with this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 above is incorporated herein by reference.

Item 9.01.Financial Statements and Exhibits.




(d) Exhibits:



 Exhibit
   No.      Description
  10.1†       Loan and Security Agreement, dated September 2, 2021, by and between
            Axcella Health Inc. and SLR Investment Corp.
            The cover page from this Current Report on Form 8-K, formatted as
   104      Inline XBRL



† Portions of this exhibit (indicated by asterisks) will be omitted in accordance

with the rules of the SEC.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 - - -
Net income 2021 -66,5 M - -
Net cash 2021 25,1 M - -
P/E ratio 2021 -1,59x
Yield 2021 -
Capitalization 107 M 107 M -
EV / Sales 2021 -
EV / Sales 2022 -
Nbr of Employees 59
Free-Float 80,0%
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Number of Analysts 10
Last Close Price 2,81 $
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William R. Hinshaw President, Chief Executive Officer & Director
Laurent Chardonnet Chief Financial Officer & Senior Vice President
David R. Epstein Chairman
Tony Tramontin Chief Scientific Officer, Senior VP-R&D
Alison Schecter President-Research & Development
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