Uluru, York Pharma deal

Uluru terminated discussions to acquire dermatology company York and called due a $1 million revolving credit facility provided to York. In April, Uluru signed a non-binding offer letter for York that was contingent upon York converting its $6 million in unsecured convertible not due in 2014 into shares prior to closing. Further details of the termination were not disclosed (see BioCentury, April 13).

Separately, Uluru restructured and reduced headcount by an undisclosed number to conserve cash as it focuses on wound care. Only management roles will remain and other positions will be filled by consultants and independent sales contractors. ...