Exagen Inc. Announces $27.2 Million Debt Refinancing
October 25 2021 - 8:25AM
Exagen Inc. (Nasdaq: XGN), a leading provider of
autoimmune testing solutions, 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 $27.2 million,
5-year term loan at 8.0% 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 October
25, 2021.
“Innovatus has been a great partner to Exagen and we are excited
about extending our relationship,” 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.
Exagen’s goal is to enable providers to improve care for patients
through the differential diagnosis, prognosis and monitoring of
complex autoimmune and autoimmune-related diseases, including
rheumatoid arthritis and lupus. 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 $1.6B 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 Exagen’s
current beliefs and expectations. Such forward-looking statements
include, but are not limited to, statements regarding Exagen’s
goals and strategies, the potential utility and effectiveness of,
and demand for, Exagen’s services and testing solutions, Exagen’s
potential growth and expansion, Exagen’s continued relationship
with Innovatus, and management’s and Innovatus’s views and
expectations of the same. 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 COVID-19 pandemic may continue
to adversely affect our business, financial condition and results
of operations, including as a result of shutdowns of our facilities
and operations as well as those of our suppliers and courier
services, impeding patient movement and interruptions to healthcare
services causing a decrease in test volumes, disruptions to the
supply chain of material needed for our tests, our sales and
commercialization activities and our ability to receive specimens
and perform or deliver the results from our tests, delays in
ongoing and planned clinical trials involving our tests; 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 business strategies, including its
strategy of integrating the promotion of its existing and future
proprietary testing products with the promotion of therapeutics;
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; 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 Exagen’s Annual Report on Form 10-K for the year ended December
31, 2020 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.
Investor RelationsExagen Inc.Ryan
Douglasrdouglas@exagen.com760.560.1525
CompanyExagen Inc.Kamal
Adawikadawi@exagen.com760.477.5514
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