Item 1.02 Termination of a Material Definitive Agreement.
On June 15, 2012, Endocyte, Inc. (the "Company") repaid all amounts due and
owing under the Loan and Security Agreement dated as of August 27, 2010, as
amended by that certain Consent and First Loan Modification Agreement dated as
of December 14, 2010, Second Loan Modification Agreement dated as of July 19,
2011 and Third Loan Modification Agreement dated as of September 30, 2011, each
among the Company, Midcap Funding V, LLC (an assignee of Midcap Funding III,
LLC) and Silicon Valley Bank (collectively, the "Loan Agreement"), and the Loan
Agreement was terminated. The total amount repaid by the Company was
$13,593,863.80, including applicable prepayment penalties.
The decision by the Company to repay the debt was based on the fact that the
Company's existing cash is expected to exceed cash requirements to support
operations during the remaining term of the debt facility. Repayment also
yielded savings of future interest payments.
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