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VIVUS has received approval from the United States Bankruptcy Court for its Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization. This plan includes a mediated settlement with Icahn Enterprises and the Equity Committee, positioning VIVUS to emerge as a wholly-owned subsidiary of Icahn Enterprises. The plan supports ongoing operations of VIVUS' commercial products, including Qsymia and PANCREAZE, while aiming to address financial challenges faced during the bankruptcy process. The disclosure statement and solicitation procedures have also been confirmed by the court.
On November 10, 2020, VIVUS filed a Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization with the U.S. Bankruptcy Court. This Plan has the backing of the Equity Committee and outlines the process for an Existing Stock Settlement for shareholders on the Existing Stock Record Date of November 13, 2020. Upon confirmation, all Interests in the Company will be canceled, though eligible existing shareholders may receive Liquidating Trust Interests. A Combined Hearing for Plan approval is set for December 3, 2020, with a deadline for objections on November 24, 2020.
VIVUS, Inc. (Nasdaq: VVUS) has announced the completion of a prepackaged chapter 11 reorganization plan, granting full ownership to IEH Biopharma LLC. The plan, approved by IEH as the sole voting claimant, aims for court confirmation by August 17, 2020. Shareholders as of July 2, 2020, will receive a pro rata share of $5 million and potential contingent rights up to $2 per share upon achieving specific financial milestones. The firm will continue operations under IEH's ownership, focusing on its pharmaceutical products. However, VIVUS anticipates delisting from Nasdaq due to the bankruptcy filing.
VIVUS, Inc. (Nasdaq: VVUS) has updated its agreement with Icahn Enterprises Holdings regarding its $170.2 million Convertible Senior Notes. The company has a 30-day grace period to refinance this debt before initiating a court reorganization plan. If VIVUS cannot refinance by June 30, 2020, stockholders may receive a pro rata share of $5 million and a contingent value right to earn an additional $2 per share, contingent on meeting specific financial milestones in 2021 and 2022. IEH Biopharma would gain full ownership of VIVUS.
VIVUS reported a 13.8% revenue growth in Q1 2020, totaling $19.6 million, minimally impacted by COVID-19. Key highlights include a successful launch of telemedicine modules, a debt restructuring agreement, and an increase in prescriptions via the Qsymia Advantage Program. Qsymia generated $8.9 million in net product revenue, while PANCREAZE held steady at $5.8 million. The net loss decreased to $5.2 million, and cash reserves stood at $32.9 million. The company aims to ensure a secure capital structure amid efforts to enhance patient access and treatment efficacy.
