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Top-Line Data Expected September 2019 for BETonMACE Phase 3 Cardiovascular Outcomes Trial for Apabetalone

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Message: "top line data on or before January 31, 2019" A Covenant of the loan

I was just scanning through the MD&A again and came across this:  

In May 2018, we obtained a US$30 million senior secured term loan from Third Eye Capital Corporation, as agent for a syndicate of lenders. The loan bears interest at a rate of 10% per annum, payable monthly, and has a maturity date of May 4, 2019. The loan is secured by all of our assets and contains certain restrictive financial covenants, covenants relating to the completion of the BETonMACE clinical trial (top line data on or before January 31, 2019) and other customary covenants. 

I knew about the requirement to maintain cash of $5+ million and to use 50% of any proceeds from raises/finances to pay down the loan, but I don't recall this one, and I don't remember it being discussed.  

So if there is covenant in the loan stipulating that they have to have top-line data out by January 31st....and the trial isn't over by that date, then  I think it behooves them to raise enough money with the next round of financing to retire the loan.  

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