Nabriva agrees to extend principal debt repayments under existing loan agreement with Hercules Capital
– Capital repayments delayed until at least January 1, 2022
– The delay in repayment and recent ATM activity significantly extend the cash flow trail until the first quarter of 2022
DUBLIN, Ireland and FORT WASHINGTON, Pa., June 03, 2021 (GLOBE NEWSWIRE) – 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 entered into an agreement with Hercules Capital, Inc. (NYSE:HTGC) (“Hercules”) to extend principal repayments under its existing loan agreement until at least January 1, 2022. Repayments of principal outstanding under the Company’s credit facility with Hercules were scheduled to begin July 1, 2021. Terms of the amended agreement provide for an initial six-month extension until January 1, 2022, with the option of delaying the principal repayment of debt until July 1, 2022 once certain financing and product revenue milestones have been reached.
The company also announced an extension of its treasury track. Based on its current operating plans and following the extension of principal debt repayments under its loan agreement with Hercules, the company expects its existing cash resources, including including the proceeds raised under its market offer facility (ATM) since May 6, 2021, will be sufficient to allow the company to finance its operating expenses, debt service obligations and its capital expenditure needs substantially until the first quarter of 2022.
Nabriva CEO Ted Schroeder commented: âAs a result of successful negotiations to extend our debt repayments and recent activity in our ATM program, we have improved our near-term cash flow and significantly expanded our cash flow track through the first quarter of 2022. This also provides an important near-term option to invest in value-creating marketing efforts to increase awareness and drive growth in prescription demand for XENLETAÂ® (defamulin) and SIVEXTROÂ® (tedizolid phosphate). We remain committed to managing expenses effectively to focus on generating premium income. “
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 has received approval from the United States Food and Drug Administration for XENLETAÂ® (lefamulin injection, lefamulin tablets), the first systemic antibiotic based on pleuromutilin for the treatment of community-acquired bacterial pneumonia (CAP). Nabriva Therapeutics is also developing CONTEPO â¢ (fosfomycin) for injection, a first-class epoxy antibiotic with potential for complicated urinary tract infections (cUTI), including acute pyelonephritis. Nabriva has entered into an exclusive agreement with subsidiaries of Merck & Co. Inc., Kenilworth, NJ, USA to market, sell and distribute SIVEXTROÂ® (tedizolid phosphate) in the United States and certain of its territories.
All statements in this press release regarding Nabriva Therapeutics ‘future expectations, plans and prospects, including, but not limited to, statements about Nabriva Therapeutics’ ability to promote XENLETA and SIVEXTRO, to boost growth in demand for prescriptions and drive sales growth, the potential patient benefits of SIVEXTRO and XENLETA, the market opportunity for SIVEXTRO and XENLETA, the availability of SIVEXTRO through leading specialist wholesalers in United States, the impact on Nabriva Therapeutics’ reported revenues from anticipated sales of SIVEXTRO, its liquidity sufficiency and other statements containing the words âanticipateâ, âbelieveâ, âestimateâ, âexpectâ to “,” intend “,” may “,”, “” 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 shown by these forward-looking statements due to various important factors, including: the ability of Nabriva Therapeutic to comply with its obligations under its loan agreement with Hercules, the ability of Nabriva Therapeutic to maintain the terms of the distribution agreement for distribute and promote SIVEXTRO exclusively, including its ability to maintain sufficient commercial infrastructure to promote and distribute SIVEXTRO, the extent of business disruptions resulting from the infection causing the COVID-19 outbreak or crises public health, the ability to retain and hire key personnel, the availability of adequate additional funding at cond itions acceptable or not at all and other important factors as set forth in Nabriva Therapeutics’ annual and quarterly reports and other documents filed with the SEC. In addition, the forward-looking statements included in this press release represent the views of Nabriva Therapeutics as of the date of this press release. Nabriva Therapeutics anticipates that subsequent events and developments could change its point of view. However, although Nabriva Therapeutics may choose to update these forward-looking statements at some time in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be taken as representing the views of Nabriva Therapeutics as of a date subsequent to the date of this press release.
Nabriva Therapeutics plc
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