BRIDGEWATER, NJ, 07 Oct 2021 (GLOBE NEWSWIRE) – Osmotica Pharmaceuticals plc (Nasdaq: OSMT) (“Osmotica” or the “Company”), a specialty pharmaceutical company, today announced that it has entered into a purchase agreement Notes of up to $ 100 million Senior Secured Notes with funds managed by Athyrium Capital Management (“Athyrium”).
“This funding provides the Company with additional liquidity to support the commercialization of Upneeq®,” said Brian Markison, Chief Executive Officer. “We are delighted to have Athyrium, a leading healthcare investor, as our financial partner. “
“We are delighted to partner with the Osmotica team and provide capital to support commercial efforts around Upneeq,” said Mark Kavulich, Partner, Athyrium Capital Management. “As a leading treatment for acquired ptosis, Upneeq offers patients and clinicians a convenient non-surgical treatment option. We look forward to supporting the leadership’s growth initiatives.
Subject to the satisfaction of certain conditions, upon closing of the agreement, Osmotica will issue $ 55 million of senior secured notes. An additional $ 20 million in tickets will be made available to Osmotica at its discretion by October 2022, subject to the minimum revenue of Upneeq being met. An additional $ 25 million of Notes may be made available to the Company at Athyrium’s discretion. The Notes mature in October 2026. Important information regarding this funding, including a copy of the Note Purchase Agreement, is set out in a current report on Form 8-K filed by the Company with the Securities and Exchange Commission October 6. 2021 and can be found at https://www.sec.gov/ix?doc=/Archives/edgar/data/1739426/000110465921123653/tm2129380d2_8k.htm.
IMPORTANT SAFETY INFORMATION
UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1% is indicated for the treatment of acquired blepharoptosis in adults.
WARNINGS AND PRECAUTIONS
- Ptosis can be associated with neurological or orbital diseases such as stroke and / or cerebral aneurysm, Horner’s syndrome, myasthenia gravis, external ophthalmoplegia, orbital infection, and orbital masses. These conditions should be taken into account in the presence of ptosis with decreased function of the levator muscle and / or other neurological signs.
- Alpha-adrenergic agonists as a class may impact blood pressure. Advise UPNEEQ patients with cardiovascular disease, postural hypotension and / or uncontrolled hypertension or hypotension to seek medical attention if their condition worsens.
- Use UPNEEQ with caution in patients with cerebral or coronary insufficiency or Sjögren syndrome. Advise patients to seek medical attention if signs and symptoms of potentiation of vascular insufficiency develop.
- UPNEEQ may increase the risk of narrow-angle glaucoma in patients with untreated narrow-angle glaucoma. Advise patients to seek medical attention immediately if signs and symptoms of acute angle-closure glaucoma develop.
- Patients should not touch the tip of the single-use container with their eyes or any other surface to avoid eye injury or contamination of the solution.
Adverse reactions occurring in 1 to 5% of subjects treated with UPNEEQ were punctate keratitis, conjunctival hyperemia, dry eye, blurred vision, instillation site pain, eye irritation, and headache.
- Alpha-adrenergic agonists, as a class, may impact blood pressure. Caution is advised when using medications such as beta blockers, antihypertensives and / or cardiac glycosides. Caution should also be taken in patients receiving alpha-adrenergic receptor blockers, such as in the treatment of cardiovascular disease or benign prostatic hyperplasia.
- Caution is advised in patients taking monoamine oxidase inhibitors which may affect the metabolism and absorption of circulating amines.
About Osmotica Pharmaceuticals plc
Osmotica Pharmaceuticals plc (Nasdaq: OSMT) is a specialty biopharmaceutical company focused on the development and commercialization of products targeting markets with underserved patient populations. RVL Pharmaceuticals, Inc. is the ophthalmic subsidiary of the Company which supports UPNEEQ®.
Osmotica is present in the United States and Hungary.
About Athyrium Capital Management, LP
Athyrium Capital Management, LP is a specialist asset management firm established in 2008 to focus on investment opportunities in the global healthcare industry. Athyrium advises funds with more than $ 4.8 billion in committed capital. The Athyrium team has extensive experience investing in a wide range of asset classes, including public equity, private equity, fixed income, royalty and other structured securities. Athyrium invests in all healthcare verticals including biopharmacy, medical devices and products, healthcare focused services and healthcare information technology. The team partners with management teams to implement creative financing solutions that meet the capital needs of businesses.
This press release includes statements which express the opinions, expectations, beliefs, plans, objectives, assumptions or projections of the Company regarding future events or future results and are therefore or may be considered ” forward-looking statements ”. The actual results of the Company may differ materially from the results anticipated in these forward-looking statements, which can generally be identified by the use of forward-looking terminology, including the terms “believes”, “expects”, “may”. , “? “Should”, “research”, “projects”, “approximately”, “intention”, “plans”, “estimates” or “anticipates”, or, in each case, their negatives or other variations or a comparable terminology. These forward-looking statements include all matters that are not historical facts, such as statements regarding our outlook, growth plan, strategies, trends and other events as well as the closing and terms of the financing. By their nature, forward-looking statements involve risks and uncertainties as they relate to events and depend on circumstances which may or may not occur in the future. The Company may not achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place significant reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the Company’s forward-looking statements. Significant factors that could cause actual results and events to differ materially from those indicated in forward-looking statements include: our inability to meet the closing conditions under the Note Purchase Agreement; our ability to obtain additional financing to continue our operations; our dependence on a limited number of products; the impact of legal proceedings; our ability to service our substantial debt; our ability to raise additional capital; the impact of competition from brands and generics; any disruption in our warehouses or in facilities operated by third parties on whom we rely for our products; our ability to develop and maintain our sales capabilities; the impact of any litigation relating to allegations of intellectual property infringement; the impact of any changes in extended government regulations that we face; the quality control issues we may face; and the risks and uncertainties described in the “Risk Factors” section of the Company’s current report on Form 8-K, as filed with the Securities and Exchange Commission on September 8, 2021, and other documents filed by the Company with the Securities and Exchange Commission Foreign Exchange Commission. These forward-looking statements speak only at the time of this press release and the Company does not undertake to update or revise them publicly, whether as a result of new information, future events or otherwise, except if the law requires it.
Investor and Media Relations for Osmotica Pharmaceuticals plc
Lisa M. Wilson
Site Communications, Inc.
Phone. : 212-452-2793
E: [email protected]