Opiant Pharmaceuticals Secures $50 Million in Convertible Debt Financing
10 Dezember 2020 - 10:01PM
Opiant Pharmaceuticals, Inc. (“Opiant”) (NASDAQ: OPNT), a
specialty pharmaceutical company developing medicines to treat
addictions and drug overdose, announced today that it has entered
into a $50 million convertible Note Purchase and Security Agreement
(“Agreement”) with a syndicate of Pontifax Medison Finance
(“Pontifax”), a healthcare-dedicated venture and debt fund, and
Kreos Capital, Europe’s leading growth debt firm.
Opiant plans to use the proceeds to fund the potential future
commercialization of OPNT003, nasal nalmefene, an investigational
treatment for opioid overdose, which the company aims to file for
approval by the U.S. Food and Drug Administration (“FDA”) at the
end of 2021.
Under the Agreement, Opiant will be able to draw up to $50
million in three tranches. The first tranche of $20
million was funded at closing on December 10, 2020; a second
tranche of $10 million will be available upon submission of a
New Drug Application to the FDA; and a third tranche of $20 million
will be funded upon FDA approval of an opioid overdose product.
Each tranche will mature over 5 years and have an interest-only
period of 30 months at an average rate of 8.75%. Subject to
certain limitations, Pontifax and Kreos can elect to convert up to
half of their outstanding loan into shares of Opiant’s common stock
at a conversion price of $19.64 per share. Further information with
respect to the Agreement is set forth in a Form 8-K filed by Opiant
with the Securities and Exchange Commission on December 10,
2020.
“This financing, together with the $31.1 million of cash on our
balance sheet, provides Opiant with the financial flexibility to
potentially launch OPNT003 without the need for additional
financing,” said Roger Crystal, M.D., President and Chief Executive
Officer of Opiant. “This Agreement, along with the recent
appointment of Craig Collard, a seasoned biopharma leader, as
Chairman of our Board of Directors, positions us well to deliver on
our mission to develop and bring to market best-in-class medicines
for addiction and overdose.”
“We look forward to partnering with a company as innovative as
Opiant,” said Momi Karako, partner at Pontifax. “The Company is
making excellent progress advancing OPNT003, and it is a privilege
to be working with a team whose potential to make a difference is
so great.”
“Kreos is pleased to provide this financing to Opiant,” said
Aris Constantinides, partner at Kreos Capital. “This is an
underserved market and Opiant, a company advancing the field of
addiction, could play an important role in addressing the
growing opioid addiction crisis.”
Jefferies acted as the exclusive financial adviser to Opiant and
Wilson, Sonsini, Goodrich & Rosati served as legal advisor.
Kramer Levin acted as legal advisor to Pontifax and Kreos
Capital.
About Opiant Pharmaceuticals,
Inc. Opiant Pharmaceuticals, Inc., the company that
developed NARCAN® Nasal Spray, is building a
leading franchise of new medicines to combat addictions
and drug overdose.
For more information visit: www.opiant.com.
Forward-Looking StatementsThis press release
contains forward-looking statements. These statements relate to
future events or our future financial performance and involve known
and unknown risks, uncertainties and other factors that may cause
our or our industry's actual results, levels of activity,
performance or achievements to be materially different from any
future results, levels of activity, performance or achievements
expressed, implied or inferred by these forward-looking statements,
and among other things, our ability to maintain cash balances and
successfully commercialize or partner our product candidates
currently under development. In some cases, you can identify
forward-looking statements by terminology such as "may," "will,"
"should," "could," "would," "expects," "plans," "intends,"
"anticipates," "believes," "estimates," "predicts," "projects,"
"potential," or "continue" or the negative of such terms and other
comparable terminology. These statements are only predictions based
on our current expectations and projections about future events.
You should not place undue reliance on these statements. Actual
events or results may differ materially. In evaluating these
statements, you should specifically consider various factors.
Additional factors that could materially affect actual results can
be found in our Form 10-K for the year ended December 31,
2019, filed with the Securities and Exchange
Commission on March 4, 2020, including under the caption
titled "Risk Factors." These and other factors may cause our
actual results to differ materially from any forward-looking
statement. We undertake no obligation to update any of the
forward-looking statements after the date of this press release to
conform those statements to reflect the occurrence of unanticipated
events, except as required by applicable law.
For Media and Investor Inquiries:Ben Atkins, Opiant(310)
598-5410batkins@opiant.com
Opiant Pharmaceuticals (NASDAQ:OPNT)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Opiant Pharmaceuticals (NASDAQ:OPNT)
Historical Stock Chart
Von Jul 2023 bis Jul 2024