UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported):
March 26, 2007
SCOLR Pharma, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-31982 | 91-1689591 | ||
(State or other jurisdiction of incorporation) |
(Commission File No.) | (I.R.S. Employer Identification No.) |
3625 132nd Avenue SE, Suite 400
Bellevue, WA 98006
(Address of principal executive offices)
(425) 373-0171
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
As used in this Current Report on Form 8-K, unless the context otherwise requires, the terms we, us, the Company, and SCOLR refer to SCOLR Pharma, Inc., a Delaware corporation.
Item 1.01 | Entry into a Material Definitive Agreement. |
The information set forth in Item 2.03 below is hereby incorporated by reference into this Item 1.01.
Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On March 26, 2007, we entered into a $250,000 term loan agreement with Silicon Valley Bank for the purchase of equipment to be used in our research and development activities. The stated interest rate and effective interest rate of the loan are 8.25% (current prime rate) and 9.34%, respectively. We agreed to make 36 equal monthly principal and interest payments of $7,877 each, with a final payment due in March 2010. The obligations under the loan are secured by the acquired equipment and the agreement contains customary default provisions.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SCOLR PHARMA, INC. | ||||
Dated: March 29, 2007 | By: | /s/ Daniel O. Wilds | ||
Daniel O. Wilds | ||||
President and Chief Executive Officer |
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