Harrow, Inc. - HROW STOCK NEWS

Harrow (Nasdaq: HROW), a U.S. eyecare pharmaceutical company, will release its financial results for Q1 2023 on May 11, 2023, after market close. The results will be accompanied by a Letter to Stockholders available on their website, harrow.com. A conference call is scheduled for the same day at 4:45 p.m. Eastern Time, where the company will discuss the financial results and provide a business update. Investors can participate via the provided U.S. and international dial-in numbers, and a replay will be available through May 18, 2023. Harrow is focused on developing affordable ophthalmic prescription therapies and owns U.S. commercial rights to ten FDA-approved products, along with operating ImprimisRx, a leading ophthalmic compounding business.

B. Riley Financial, Inc. (NASDAQ: RILY) announced it led financing for Harrow Health, Inc. (NASDAQ: HROW) to support its acquisition of exclusive commercial rights to five FDA-approved ophthalmic products. The financing included $59.75 million in debt provided in January 2023 and a fully backstopped $125 million commitment. The loan was fully repaid on March 27, 2023, coinciding with Harrow's new $100 million credit facility. B. Riley also managed Harrow's equity and senior notes offerings in December 2022, raising $65.25 million. Harrow aims to enhance its position in the U.S. ophthalmic pharmaceuticals market through this acquisition.

Harrow (Nasdaq: HROW) announced a $100 million secured credit financing agreement with Oaktree Capital Management, designed to enhance its financial flexibility. The facility has an interest rate of SOFR plus 6.50% and will mature in approximately three years. Part of the proceeds will pay off existing debts, with the remaining funds allocated for milestone payments linked to a recent acquisition and general corporate uses. CEO Mark L. Baum expressed optimism about this credit facility, stating it strengthens the balance sheet and aligns with Harrow’s growth strategy, while Oaktree’s Managing Director highlighted the partnership during a critical transformation phase for Harrow.

Harrow reported full-year 2022 revenues of $88.6 million, a 22% increase from $72.5 million in 2021. The company divested non-ophthalmic assets, becoming a pure-play ophthalmic pharmaceutical firm. Key developments included FDA approval for IHEEZO™ and the issuance of a Permanent J-Code (J2403), which facilitates reimbursement for ophthalmologists. Additionally, Harrow acquired U.S. rights to several branded products and launched new compounded formulations. Despite a net income loss of $14.1 million, adjusted EBITDA rose to $13 million, reflecting improved operational performance.

Harrow (Nasdaq: HROW) has received transitional pass-through reimbursement status from the Centers for Medicare & Medicaid Services (CMS) for IHEEZO™ (chloroprocaine hydrochloride ophthalmic gel) 3%, effective April 1, 2023. This status allows for separate reimbursement in Ambulatory Surgery Centers (ASC) and Hospital Outpatient Departments (HOPD) for three years. IHEEZO is now the only ocular anesthetic eligible for such reimbursement across all care settings. The company aims to enhance patient access to IHEEZO, with a commercial launch scheduled for May 2023 at the ASCRS meeting. IHEEZO is a significant product for cataract surgeries and intravitreal injections, highlighting its relevance in the eyecare market.

Harrow (Nasdaq: HROW) has appointed Mark Mannebach, Ph.D., R.Ph., as the new Head of Regulatory Affairs and Pharmacovigilance. With over 30 years of experience in the pharmaceutical industry, particularly in ophthalmology, Dr. Mannebach will oversee regulatory submissions and strategy for Harrow's product portfolio. His previous roles include Vice President of Global Regulatory Affairs at Mallinckrodt and Santen Pharmaceuticals. Harrow aims to leverage Dr. Mannebach's expertise to expand its branded ophthalmic products and enhance regulatory processes as it prepares for the launch of IHEEZO™ and future product developments.