Esperion Secures $50 Million Funding from Oberland Capital
April 26 2021 - 4:07PM
Esperion Therapeutics (NASDAQ: ESPR) today announced that an
investor group led by Oberland Capital Management LLC (Oberland
Capital) agreed to provide the third and final tranche of funding
under the revenue-based funding agreement totaling $50 million. The
remaining funds are being released sooner than expected and in
parallel with Esperion announcing an expansion of an ex-U.S.
commercial agreement with an existing partner for select strategic
geographies outside of the United States, Europe and Japan.
“Today we have simultaneously made two announcements that both
prove our ability to execute in ways that are financially
advantageous for our company and our shareholders,” said Rick
Bartram, chief financial officer, Esperion. “Not only have we
secured $80 million to bolster our balance sheet, but we did it
through existing relationships, demonstrating steadfast confidence
in our team, our business and the potential of our medicines. We
are extremely proud to expand our relationships with these leading
companies.”
The revenue-based funding agreement with Oberland Capital was
announced in June of 2019. Esperion will reacquire 100% revenue
rights upon repayment completion.
Esperion Therapeutics
ESPERION is The Lipid Management Company. Our goal is lipid
management for everybody, that’s why we work hard to make our
medicines easy to get, easy to take and easy to have. We discover,
develop and commercialize innovative medicines and combinations to
lower cholesterol, especially for patients whose needs aren’t being
met by the status quo. Our entrepreneurial team of industry leaders
is inclusive, passionate and resourceful. We are singularly focused
on managing cholesterol so you can improve your health easily. For
more information, please visit www.esperion.com and follow us on
Twitter at www.twitter.com/EsperionInc.
Oberland Capital
Oberland Capital, a private investment firm with over $2.25
billion in capital commitments since inception, is focused
exclusively on investing in the global healthcare industry and
specializes in flexible investment structures customized to meet
the specific capital requirements and strategic objectives of
transaction partners. Oberland Capital’s broad suite of financing
solutions includes monetization of royalty streams, acquisition of
future product revenues, creation of project-based financing
structures, and investments in traditional debt and equity. With a
combination of deep industry knowledge and extensive structured
finance experience, the Oberland Capital team has a history of
creating value for its transaction partners.
For more information, please visit www.oberlandcapital.com or
contact Johnna Schifilliti at (212) 257-5850.
Forward-Looking StatementsThis press release
contains forward-looking statements that are made pursuant to the
safe harbor provisions of the federal securities laws, including
statements regarding the expected release of the third and final
tranche of funding under the revenue-based funding agreement with
Oberland, Esperion’s intended uses of the proceeds from the third
and final tranche of funding and the reacquisition of revenue
rights by Esperion upon repayment completion. Any express or
implied statements contained in this press release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements involve risks and
uncertainties that could cause Esperion's actual results to differ
significantly from those projected, including, without limitation,
that existing cash resources may be used more quickly than
anticipated, the ability of Esperion to complete repayment of
outstanding amounts under the agreement with Oberland and reacquire
100% revenue rights, delays or failures in the commercialization
plans of Esperion, the approval of bempedoic acid or the bempedoic
acid / ezetimibe combination tablet in countries outside of the
U.S., the failure of markets to adopt bempedoic acid or the
bempedoic acid / ezetimibe combination tablet, the impact of
COVID-19 on our business, commercial development plans and our
partnerships with existing partners, and the risks detailed in
Esperion's filings with the Securities and Exchange Commission. Any
forward-looking statements contained in this press release speak
only as of the date hereof, and Esperion disclaims any obligation
or undertaking to update or revise any forward-looking statements
contained in this press release, other than to the extent required
by law.
Contact:Ben ChurchEsperioncorporateteam@esperion.com
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