TherapeuticsMD Announces Amendment to Term Loan Financing Facility with TPG Sixth Street Partners
December 30 2019 - 6:55AM
Business Wire
- Amendment revises draw trigger for $50
million loan tranche previously tied to ANNOVERATM designation
-
TherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative, leading
women’s healthcare company, today announced that the Company and
TPG Sixth Street Partners (“Sixth Street”) have amended the terms
of the Company’s existing term loan financing facility to revise
the draw trigger for one of the two $50 million delayed draw loan
tranches thereunder.
The terms of the amendment no longer require that ANNOVERA be
designated as a new category of birth control by the U.S. Food and
Drug Administration for the Company to draw the loan tranche. As
amended, the $50 million loan tranche may be made available to the
Company at Sixth Street’s sole and absolute discretion either
contemporaneously with the delivery of the Company’s financial
statements for the fiscal quarter ending June 30, 2020 or at such
earlier date as Sixth Street may consent to.
All other terms and conditions of the facility remain in full
force and effect, including the conditions for the Company to draw
the other $50 million loan tranche thereunder upon the Company
achieving $11 million in net revenues from IMVEXXY®, BIJUVA® and
ANNOVERA for the fourth quarter of 2019.
“We are pleased that our lenders continue to be supportive and
demonstrate confidence in our business as we progress toward the
full commercial launch of ANNOVERA in the first quarter of 2020,”
said Robert G. Finizio, CEO of TherapeuticsMD.
About TherapeuticsMD, Inc.
TherapeuticsMD, Inc. is an innovative, leading healthcare
company, focused on developing and commercializing novel products
exclusively for women. Our products are designed to address the
unique changes and challenges women experience through the various
stages of their lives with a therapeutic focus in family planning,
reproductive health, and menopause management. The company is
committed to advancing the health of women and championing
awareness of their healthcare issues. To learn more about
TherapeuticsMD, please visit www.therapeuticsmd.com or follow us on
Twitter: @TherapeuticsMD and on Facebook: TherapeuticsMD.
About TPG Sixth Street Partners
TPG Sixth Street Partners is a global finance and investment
business with over $33 billion in assets under management.
Co-founded in 2009 by Managing Partner Alan Waxman and Sixth
Street’s management team, the firm’s long-term oriented, highly
flexible capital base allows it to invest across industries,
geographies, capital structures and asset classes. Sixth Street
focuses on partnering with businesses and management teams to
create fully committed financing solutions. TPG Sixth Street
Partners is in a strategic partnership with TPG, the global
alternative asset firm. For more information, visit
www.tssp.com.
Forward-Looking Statements
This press release by TherapeuticsMD, Inc. may contain
forward-looking statements. Forward-looking statements may include,
but are not limited to, statements relating to TherapeuticsMD’s
objectives, plans and strategies as well as statements, other than
historical facts, that address activities, events or developments
that the company intends, expects, projects, believes or
anticipates will or may occur in the future. These statements are
often characterized by terminology such as “believes,” “hopes,”
“may,” “anticipates,” “should,” “intends,” “plans,” “will,”
“expects,” “estimates,” “projects,” “positioned,” “strategy” and
similar expressions and are based on assumptions and assessments
made in light of management’s experience and perception of
historical trends, current conditions, expected future developments
and other factors believed to be appropriate. Forward-looking
statements in this press release are made as of the date of this
press release, and the company undertakes no duty to update or
revise any such statements, whether as a result of new information,
future events or otherwise. Forward-looking statements are not
guarantees of future performance and are subject to risks and
uncertainties, many of which are outside of the company’s control.
Important factors that could cause actual results, developments and
business decisions to differ materially from forward-looking
statements are described in the sections titled “Risk Factors” in
the company’s filings with the Securities and Exchange Commission,
including its most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, as well as reports on Form 8-K, and include
the following: the company’s ability to maintain or increase sales
of its products; the company’s ability to develop and commercialize
IMVEXXY®, ANNOVERA™, BIJUVA® and its hormone therapy drug
candidates and obtain additional financing necessary therefor;
whether the company will be able to comply with the covenants and
conditions under its term loan facility, including the conditions
to draw additional tranches thereunder; the potential of adverse
side effects or other safety risks that could adversely affect the
commercialization of the company’s current or future approved
products or preclude the approval of the company’s future drug
candidates; the length, cost and uncertain results of future
clinical trials; the company’s reliance on third parties to conduct
its manufacturing, research and development and clinical trials;
the ability of the company’s licensees to commercialize and
distribute the company’s products; the availability of
reimbursement from government authorities and health insurance
companies for the company’s products; the impact of product
liability lawsuits; the influence of extensive and costly
government regulation; the volatility of the trading price of the
company’s common stock and the concentration of power in its stock
ownership. PDF copies of the company’s historical press releases
and financial tables can be viewed and downloaded at its website:
www.therapeuticsmd.com/pressreleases.aspx.
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version on businesswire.com: https://www.businesswire.com/news/home/20191230005058/en/
Investors Nichol Ochsner
Vice President, Investor Relations 561-961-1900, ext. 2088
Nochsner@TherapeuticsMD.com
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