DALLAS, Oct. 18,
2023 /PRNewswire/ -- SWK Holdings Corporation
(Nasdaq: SWKH) ("SWK" or the "Company"), a life science-focused
specialty finance company catering to small and mid-sized
commercial-stage companies, today provided a corporate progress
update as well as a summary of the achievements of its borrower
partners.
"The past few months have been a productive period for SWK,
highlighted by the funding of three new term loans totaling
$31 million, the close of a
$30 million public offering of senior
notes, and a $15 million expansion of
our credit facility with a commitment from Woodforest National
Bank," stated Jody Staggs, President
and CEO of SWK. "Collectively, these initiatives demonstrate SWK's
commitment to identifying and investing in healthcare companies on
the forefront of innovation, while securing opportunities to expand
our access to capital. We continue to focus on growing our value
per share, and during the third quarter we repurchased 60,335
shares for $963,128 or $15.96 per share. Year-to-date we have
repurchased 367,820 shares for $6,191,343 or $16.83 per share."
Mr. Staggs continued: "While the macro economy continues to
present challenges for small and mid-sized life science companies
in need of capital, SWK remains well positioned to provide these
companies with creative, non-dilutive financing solutions. The
recent capital markets activity enhances SWK's balance sheet,
enabling us to end 2023 and enter 2024 in a position of
strength."
SWK Holdings Portfolio Updates
New Financings
- During the third quarter of 2023 SWK closed a $5 million loan to a privately held CDMO that
focuses on the development and production of complex biologic
therapeutics.
- During October SWK has closed two financings totaling
$26 million:
- A $20 million loan to Shield
Therapeutics, a commercial-stage pharmaceutical company focused on
addressing iron deficiency.
- A $6 million loan to Nicoya
Lifesciences, a developer, manufacturer, and marketer of
proprietary benchtop instrumentation.
Capital Markets
- Raised $30 million in Senior
Unsecured Notes and Woodforest National Bank committed an
incremental $15 million to SWK's
existing credit facility with First Horizon Bank.
- In the third quarter, SWK repurchased 60,335 shares for
$963,128 or $15.96 per share.
SWK Holdings Borrower Partner Achievements
4Web, Inc.
4Web, Inc. 4Web is a privately held
medical device company, based in Frisco,
TX, which utilizes a proprietary truss implant technology to
develop and market spinal implants.
- In September, Stryker announced it would debut the 4WEB Cotton,
Evans, and Utility wedge implants and instruments, which are part
of the 4WEB Osteotomy Truss System™ (OTS).
- Stryker is now the exclusive distributor of the OTS that
contains the wedge implants for osteotomies of the foot.
- OTS has an advanced structural design that incorporates 4WEB's
proprietary Truss Implant Technology™.
Biolase, Inc.
Biolase, Inc. (Nasdaq: BIOL) is a
medical device company that develops, manufactures, and markets
proprietary dental laser systems.
- In September, Biolase announced the closing of $4.5 million underwritten public offering of
Series J convertible redeemable preferred stock and warrants.
Biolase intends to use the net proceeds from the offering for
working capital and for general corporate purposes.
Biotricity, Inc.
Biotricity, Inc. (Nasdaq: BTCY) is a
medical technology company focused on delivering remote biometric
monitoring solutions to the medical and consumer markets.
- Generated $3.0 million revenue in
the quarter ended June 30, 2023, a
46.9% increase when compared with the $2.1
million revenue in the same period the prior year.
- Achieved a record $14.0 million
annualized revenue run rate in August, extending its growth by over
eight percent from the previously announced $13.0 million run rate.
- In September, raised $2.0 million
from an institutional investor via a convertible preferred stock
offering.
Elutia
Elutia Inc. (Nasdaq: ELUT) is a biologics
company with a portfolio of regenerative products aimed at
improving compatibility between medical devices and the patients
they treat.
- Rebranded as Elutia (f.k.a. Aziyo Biologics) to reflect
strategic focus on drug eluting biomatrices.
- Divested Orthobiologics business unit for up to $35.0 million of cash proceeds, including
$15.0 million upfront and up to
$20.0 million from earnouts.
- Raised a PIPE for up to $26.3
million of cash proceeds, including $10.5 million of initial proceeds and up to
$15.8 million from warrants, which
may be exercised subject to certain conditions.
Eton Pharmaceuticals, Inc.
Eton (Nasdaq: ETON) is an
innovative pharmaceutical company focused on developing and
commercializing treatments for rare diseases.
- Eton announced the acquisition of FDA-approved ultra-rare
disease product Nitisinone, which was approved in May of 2023 for
the treatment of hereditary tyrosinemia type 1 (HT-1) in
combination with dietary restriction of tyrosine and phenylalanine.
With a patient population of less than 500, Eton believes
Nitisinone's market is estimated to be more than $50 million annually. Eton expects to launch the
product in 1Q 2024.
Exeevo, Inc.
Exeevo is a global enterprise SaaS leader
for life sciences focused on elevating and transforming customer
experiences.
- Microsoft Corp. and Exeevo announced they are expanding their
long-standing collaboration to bring generative AI to life sciences
by integrating Copilot in Microsoft Dynamics 365 Customer Insights
with Omnipresence CRM, Exeevo's industry-leading enterprise CRM
solution built on the Microsoft stack. This initiative continues
their long-standing partnership relationship centered on delivering
next-gen technology to help solve business challenges across
Commercial, Medical Affairs, Marketing, and Service.
Ideal Implant, Inc.
Ideal Implant, Inc. is a
medical device company offering structured saline breast implants
that contain no silicone gel.
- In August, a newly formed subsidiary of Bimini Health Tech
acquired substantially all of the assets of Ideal Implant, Inc., an
aesthetics company. SWK will receive sales-based royalties as a
result of the sale. Under Bimini, the product family will be
branded the Serene Breast Implant.
About SWK Holdings Corporation
SWK Holdings
Corporation is a life science focused specialty finance company
partnering with small- and mid-sized commercial-stage healthcare
companies. SWK provides non-dilutive financing to fuel the
development and commercialization of lifesaving
and life-enhancing medical technologies and products. SWK's
unique financing structures provide flexible financing solutions at
an attractive cost of capital to create long-term value for all SWK
stakeholders. SWK's solutions include structured debt, traditional
royalty monetization, synthetic royalty transactions, and asset
purchases typically ranging in size from $5.0 million to $25.0
million. SWK also owns Enteris BioPharma, a clinical
development and manufacturing organization providing development
services to pharmaceutical partners as well as innovative
formulation solutions built around its proprietary oral drug
delivery technologies, the Peptelligence® platform. Additional
information on the life science finance market is available on the
Company's website at www.swkhold.com.
Safe Harbor Statement
This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Statements
including words such as "believes," "expects," "anticipates,"
"intends," "estimates," "plan," "will," "may," "look forward,"
"intend," "guidance," "future" or similar expressions are
forward-looking statements. Because these statements reflect SWK's
current views, expectations and beliefs concerning future events,
these forward-looking statements involve risks and uncertainties.
Investors should note that many factors, as more fully described
under the caption "Risk Factors" and elsewhere in SWK's Form 10-K,
Form 10-Q and Form 8-K filings with the Securities and Exchange
Commission and as otherwise enumerated herein, could affect the
Company's future financial results and could cause actual results
to differ materially from those expressed in such forward-looking
statements. The forward-looking statements in this press release
are qualified by these risk factors. These are factors which,
individually or in the aggregate, could cause the Company's actual
results to differ materially from expected and historical results.
You should not place undue reliance on any forward-looking
statements, which speak only as of the date they are made. We
assume no obligation to publicly update any forward-looking
statements, whether as a result of new information, future
developments or otherwise.
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SOURCE SWK Holdings Corporation
