Fourth Quarter and Full Yr 2022 Monetary Outcomes to be Introduced in March
DALLAS, Jan. 31, 2023 /PRNewswire/ — SWK Holdings Company (Nasdaq: SWKH) (“SWK” or the “Firm”), a life science-focused specialty finance firm catering to small- and mid-sized commercial-stage corporations, as we speak offered an replace on its group, portfolio, in addition to the progress and achievements of its borrower companions.
“The fourth quarter was a productive interval at SWK as we grew our group, elevated the dimensions of our credit score facility to as much as $50.0 million, and closed a royalty transaction,” said Jody Staggs, President and CEO of SWK. “Portfolio highlights included the acquisition of a two-asset royalty stream for $15.4 million and an extra $4.0 million advance to present borrower, Aziyo Biologics, which was triggered by efficiency milestones. We additionally offered the remaining curiosity in our Narcan royalty for $2.5 million in contrast with a September 30, 2022 GAAP worth of roughly $0.5 million.”
Mr. Staggs continued: “A number of of our borrower companions reported constructive developments in late 2022 and early 2023 with many elevating fairness capital throughout probably the most difficult capital markets prior to now decade. We imagine this additional validates SWK’s underwriting as these corporations possess life science merchandise which are valued by clinicians, sufferers, the healthcare system, and traders.”
Mr. Staggs concluded: “SWK is effectively positioned for what is anticipated to be an lively 2023 based mostly on heightened curiosity in our non-dilutive monetary choices. We’re actively pursuing a number of financing alternatives whereas concurrently working to optimize our stability sheet.”
Human Sources Replace
In January 2023, Jody Staggs was elevated from “interim” to “everlasting” CEO, and Laurie Dotter was named Chair of the Board of Administrators.
In November, Agha Abbas joined SWK as an Affiliate. Mr. Abbas was previously employed within the Leveraged Credit score division at JP Morgan.
Portfolio Additions
Duo Royalty Stream
SWK bought a two-asset royalty stream for $15.4 million, consisting of a royalty on U.S. gross sales of a cystic fibrosis drug and a royalty on Japanese gross sales of a girls’s well being drug. SWK hedged nearly all of yen publicity on the Japanese royalty stream.
Aziyo Biologics
In December, SWK funded the $4.0 million second tranche of its present $25.0 million credit score facility to Aziyo Biologics. The funding was triggered by Aziyo attaining sure efficiency milestones coupled with an fairness increase.
Portfolio Divestments
Narcan Royalty
In November, SWK obtained a $2.5 million fee in reference to a authorized settlement between Opiant and Emergent BioSolutions. SWK has no additional financial curiosity in Narcan.
Bioventus and Harrow Well being Fairness
In the course of the fourth quarter SWK offered all its shares in Harrow Well being and Bioventus for proceeds totaling $3.8 million.
SWK Holdings Portfolio Updates
Acer Therapeutics
Acer (Nasdaq: ACER) is a pharmaceutical firm targeted on the acquisition, growth, and commercialization of therapies for severe uncommon and life-threatening illnesses with vital unmet medical wants.
- In December, Acer Therapeutics reported the FDA approval of Olpruva, an oral suspension for the remedy of sufferers with sure urea cycle problems.
Aziyo Biologics Inc.
Aziyo Biologics (Nasdaq: AZYO) is a biologics firm with a portfolio of regenerative merchandise geared toward enhancing compatibility between medical units and the sufferers they deal with.
- In December, Aziyo introduced the pricing of an underwritten public frequent fairness providing that resulted in gross proceeds of $11.2 million.
- Aziyo introduced in January that it anticipates fourth quarter internet gross sales of $12.5–$12.7 million, a rise of 15-17% in comparison with the identical prior 12 months interval.
- As beforehand talked about, in December SWK superior the $4.0 million second tranche of its present $25.0 million credit score facility in reference to the aforementioned fairness increase and on account of fulfilment of sure efficiency milestones.
Biolase, Inc.
Biolase, Inc. (Nasdaq: BIOL) is a worldwide chief in dental lasers.
- In January 2023, Biolase introduced a public providing of inventory and warrants that raised roughly $9.8 million, earlier than underwriting reductions and commissions.
- In January 2023, Biolase introduced fourth quarter income was anticipated to extend 13%-16% year-over-year to $14.0–$14.4 million.
- In November, Biolase introduced third quarter income elevated 26% year-over-year to $12.0 million.
Biotricity
Biotricity is a medical diagnostic and client healthcare know-how firm specializing within the growth of complete distant well being monitoring options for the medical and client markets.
- In January 2023, Biotricity signed a distribution settlement with a top-5 distributor for its cardiac monitoring options, Bioflux® and Biotres™.
- In January 2023, Biotricity signed an settlement with a number one group buying group for nationwide distribution of its cardiac monitoring options, Bioflux® and Biotres™.
Eton Prescription drugs
Eton Prescription drugs, Inc. (Nasdaq: ETON) is a specialty pharmaceutical firm targeted on creating revolutionary merchandise using the FDA’s 505(b)(2) regulatory pathway.
- In January, Eton introduced that the FDA has accepted the corporate’s New Drug Utility response for dehydrated alcohol injection for treating methanol poisoning. The FDA has assigned a PDUFA goal motion date of June 27, 2023.
About SWK Holdings Company
SWK Holdings Company is a life science targeted specialty finance firm partnering with small- and mid-sized commercial-stage healthcare corporations. SWK gives non-dilutive financing to gasoline the event and commercialization of lifesaving and life-enhancing medical applied sciences and merchandise. SWK’s distinctive financing constructions present versatile financing options at a lovely value of capital to create long-term worth for all SWK stakeholders. SWK’s options embrace structured debt, conventional royalty monetization, artificial royalty transactions, and asset purchases sometimes ranging in dimension from $5.0 million to $25.0 million. SWK additionally owns Enteris BioPharma, whose Peptelligence® and ProPerma® drug supply applied sciences create oral formulations of peptide-based and BCS class II, III, and IV small molecules. Extra data on the life science finance market is accessible on the Firm’s web site at www.swkhold.com.
Protected Harbor Assertion
This press launch incorporates forward-looking statements throughout the which means of the Personal Securities Litigation Reform Act of 1995. Statements together with phrases akin to “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plan,” “will,” “could,” “look ahead,” “intend,” “steerage,” “future” or related expressions are forward-looking statements. As a result of these statements replicate SWK’s present views, expectations and beliefs regarding future occasions, these forward-looking statements contain dangers and uncertainties. Buyers ought to observe that many components, as extra totally described underneath the caption “Threat Elements” and elsewhere in SWK’s Kind 10-Ok, Kind 10-Q and Kind 8-Ok filings with the Securities and Change Fee and as in any other case enumerated herein, might have an effect on the Firm’s future monetary outcomes and will trigger precise outcomes to vary materially from these expressed in such forward-looking statements. The forward-looking statements on this press launch are certified by these threat components. These are components which, individually or within the mixture, might trigger the Firm’s precise outcomes to vary materially from anticipated and historic outcomes. You shouldn’t place undue reliance on any forward-looking statements, which communicate solely as of the date they’re made. We assume no obligation to publicly replace any forward-looking statements, whether or not on account of new data, future developments or in any other case.
SOURCE SWK Holdings Company
