Nabriva Agrees to Extension of Principal Debt Repayments Under Existing Loan Agreement with Hercules Capital
June 03 2021 - 7:01AM
Nabriva Therapeutics plc (NASDAQ: NBRV), a biopharmaceutical
company engaged in the commercialization and development of
innovative anti-infective agents to treat serious infections, today
announced that it has reached an agreement with Hercules Capital,
Inc. (NYSE:HTGC) (“Hercules”) to extend principal payments under
its existing loan agreement until at least January 1, 2022.
Repayments of outstanding principal amounts under the company’s
debt facility with Hercules were scheduled to begin on July 1,
2021. Terms of the amended agreement provide for an initial
six-month extension to January 1, 2022, with the ability to delay
the principal debt repayments until July 1, 2022 upon achievement
of certain financing and product revenue milestones.
The company also announced an extension of its cash runway.
Based on its current operating plans and following the extension of
the principal debt repayments under its loan agreement with
Hercules, the company expects that its existing cash resources,
including proceeds raised under its at-the-market (ATM) offering
facility since May 6, 2021, will be sufficient to enable the
company to fund its operating expenses, debt service obligations
and capital expenditure requirements substantially through the
first quarter of 2022.
Nabriva CEO Ted Schroeder commented, “As a result of
successfully negotiating to extend our debt repayment and the
recent activity from our ATM program, we have improved our
near-term cash flow and extended our cash runway substantially
through the first quarter of 2022. This also importantly provides
near-term optionality to invest in value-creating commercialization
efforts to increase awareness and drive prescription demand growth
for XENLETA® (lefamulin) and SIVEXTRO® (tedizolid phosphate). We
remain committed to effectively managing expenses to focus on
driving top-line revenues.”
About Nabriva Therapeutics plc
Nabriva Therapeutics is a biopharmaceutical company engaged in
the commercialization and development of innovative anti-infective
agents to treat serious infections. Nabriva Therapeutics received
U.S. Food and Drug Administration approval for XENLETA® (lefamulin
injection, lefamulin tablets), the first systemic pleuromutilin
antibiotic for community-acquired bacterial pneumonia (CABP).
Nabriva Therapeutics is also developing CONTEPO™ (fosfomycin) for
injection, a potential first-in-class epoxide antibiotic for
complicated urinary tract infections (cUTI), including acute
pyelonephritis. Nabriva entered into an exclusive agreement with
subsidiaries of Merck & Co. Inc., Kenilworth, N.J., USA to
market, sell and distribute SIVEXTRO® (tedizolid phosphate) in the
United States and certain of its territories.
Forward-Looking Statements
Any statements in this press release about future expectations,
plans and prospects for Nabriva Therapeutics, including but not
limited to statements about the ability of Nabriva Therapeutics to
raise awareness of XENLETA and SIVEXTRO, drive prescription demand
growth and drive top-line sales growth, the potential benefits to
patients of SIVEXTRO and XENLETA, the market opportunity for
SIVEXTRO and XENLETA, the availability of SIVEXTRO through major
U.S. specialty wholesalers, the impact on Nabriva Therapeutics’
reported revenue from anticipated sales of SIVEXTRO, the
sufficiency of its cash resources and other statements containing
the words “anticipate,” “believe,” “estimate,” “expect,” “intend,”
“may,” “plan,” “predict,” “project,” “target,” “potential,”
“likely,” “will,” “would,” “could,” “should,” “continue,” and
similar expressions, constitute forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated by
such forward-looking statements as a result of various important
factors, including: Nabriva Therapeutic’s ability to comply with
its obligations under its loan agreement with Hercules, Nabriva
Therapeutic’s ability to maintain the conditions under the
distribution agreement to exclusively distribute and promote
SIVEXTRO, including its ability to maintain a commercial
infrastructure sufficient to promote and distribute SIVEXTRO, the
extent of business interruptions resulting from the infection
causing the COVID-19 outbreak or similar public health crises, the
ability to retain and hire key personnel, the availability of
adequate additional financing on acceptable terms or at all and
such other important factors as are set forth in Nabriva
Therapeutics’ annual and quarterly reports and other filings on
file with the SEC. In addition, the forward-looking statements
included in this press release represent Nabriva Therapeutics’
views as of the date of this press release. Nabriva Therapeutics
anticipates that subsequent events and developments may cause its
views to change. However, while Nabriva Therapeutics may elect to
update these forward-looking statements at some point in the
future, it specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Nabriva Therapeutics’ views as of any date subsequent
to the date of this press release.
CONTACTS:
For Investors
Kim AndersonNabriva Therapeutics plcir@nabriva.com
For Media
Andrea GreifOgilvyandrea.greif@ogilvy.com914-772-3027
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