Exagen Inc. Announces $26.2 Million Debt Refinancing
November 21 2019 - 8:25AM
Exagen Inc. (Nasdaq: XGN), an organization dedicated to
transforming the care continuum for patients suffering from
debilitating and chronic autoimmune diseases by enabling timely
differential diagnosis and optimizing therapeutic intervention,
announced today that it entered into an amendment to its loan and
security agreement with its primary lender, an affiliate of
Innovatus Capital Partners, LLC (“Innovatus”). The amended
agreement provides a $26.2 million, 5-year term loan at 8.5%
interest, of which 2.0% is paid in-kind in the form of additional
term loans. Additional information regarding the amendment is
available in the company’s Current Report on Form 8-K filed with
the Securities and Exchange Commission on November 21, 2019.
“This refinancing is a continuation of Innovatus Capital
Partners’ investment in Exagen’s future. This agreement, following
our recent IPO, further strengthens our financial position and will
assist us in executing on our strategic vision to ‘Own the
Rheumatology Hilltop,’” said Ron Rocca, President and Chief
Executive Officer of Exagen.
“We are delighted to continue our support of Exagen in its
pursuit of transforming the care for patients suffering from
chronic autoimmune diseases,” said Claes Ekstrom, Managing Director
at Innovatus. “We look forward to supporting the outstanding team
at Exagen in their mission to improve patient outcomes and lower
healthcare costs.”
About Exagen
Exagen is dedicated to transforming the care continuum for
patients suffering from debilitating and chronic autoimmune
diseases by enabling timely differential diagnosis and optimizing
therapeutic intervention. Exagen has developed and is
commercializing a portfolio of innovative testing products under
its AVISE® brand, several of which are based on our proprietary
Cell-Bound Complement Activation Products, or CB-CAPs, technology.
CB-CAPs assess the activation of the complement system, a
biological pathway that is widely implicated across many autoimmune
and autoimmune-related diseases, including systemic lupus
erythematosus, or SLE. Exagen’s goal is to enable rheumatologists
to improve care for patients through the differential diagnosis,
prognosis and monitoring of complex autoimmune and
autoimmune-related diseases, including SLE and rheumatoid
arthritis, or RA. Exagen’s model of integrating testing products
and therapeutics positions Exagen to offer targeted solutions to
rheumatologists and, ultimately, better serve patients. For more
information, please visit www.Exagen.com
Innovatus Capital Partners, LLC
Innovatus Capital Partners, LLC, is an independent adviser and
portfolio management firm with approximately $1.7B in assets under
management. Innovatus adheres to an investment strategy that
identifies disruptive and growth opportunities across multiple
asset categories with a unifying theme of capital preservation,
income generation, and upside optionality. The firm has a dedicated
team of life sciences investment professionals with deep experience
in healthcare, including life sciences. Innovatus and its
principals have significant experience providing debt financing to
medical device, diagnostics, and biotechnology companies that
address unmet medical needs, improve patient outcomes, and reduce
overall healthcare expenditures. Further information can be found
at www.innovatuscp.com.
Forward Looking Statements
Exagen cautions you that statements contained in this press
release regarding matters that are not historical facts are
forward-looking statements. These statements are based on the
company’s current beliefs and expectations. Such forward-looking
statements include, but are not limited to, express or implied
statements regarding the company’s anticipated future growth.
The inclusion of forward-looking statements should not be regarded
as a representation by Exagen that any of its plans will be
achieved. Actual results may differ from those set forth in this
press release due to the risks and uncertainties inherent in
Exagen’s business, including, without limitation: the company’s
commercial success depends upon attaining and maintaining
significant market acceptance of its testing products and promoted
therapeutics among rheumatologists, patients, third-party payers
and others in the medical community; the company’s ability to
successfully execute on its Dx/Rx strategy, including its promotion
efforts for SIMPONI®; the company’s dependence on third parties for
reagents, equipment and other materials used in its testing
products; third-party payers not providing coverage and adequate
reimbursement for the company’s testing products or promoted
therapeutics; the company’s ability to obtain and maintain
intellectual property protection for its testing products;
regulatory developments affecting the company’s business; the
company may not achieve its guidance for 2019; and other risks
described in the company’s prior press releases and the Company’s
filings with the Securities and Exchange Commission (SEC),
including under the heading “Risk Factors” in the Company’s
Quarterly Report on Form 10-Q for the quarter ended September 30,
2019 and any subsequent filings with the SEC. You are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date hereof, and Exagen undertakes no
obligation to update such statements to reflect events that occur
or circumstances that exist after the date hereof. All
forward-looking statements are qualified in their entirety by this
cautionary statement, which is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
CONTACTS:
InvestorsWestwicke PartnersMike
CavanaughMike.Cavanaugh@westwicke.com646.677.1838
CompanyExagen Inc.Kamal
Adawikadawi@exagen.com760.477.5514
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