Jaguar Health and its Subsidiary, Napo Pharmaceuticals, Enter into a Second Amendment to the Accounts Receivable Purchase Agreement with Oasis Capital, LLC, Dated May 12, 2020
Jaguar Health, Inc. (NASDAQ:JAGX) announced a second amendment to its accounts receivable purchase agreement with Oasis Capital for the purchase of additional accounts receivable valued at $3,152,545 related to the sales of Mytesi drug product. Following this amendment, the Company will receive $1,339,831.83 after Oasis charges a 5.45% fee. The financing aims to support Jaguar's strategy to secure non-dilutive capital and work towards becoming a cash flow positive business.
- Secured non-dilutive capital through accounts receivable financing.
- Successful past tranches of financing that support business stability.
- Continued sales of Mytesi contribute to cash inflow.
- Increased fee percentage on accounts receivable compared to previous agreements.
SAN FRANCISCO, CA / ACCESSWIRE / August 14, 2020 / Jaguar Health, Inc. (NASDAQ:JAGX) today announced that Jaguar and its wholly owned subsidiary, Napo Pharmaceuticals, Inc., (collectively, the "Company") have jointly entered into a second amendment to the accounts receivable purchase agreement with Oasis Capital, LLC ("Oasis"), dated May 12, 2020, pursuant to which Oasis agreed to purchase additional accounts receivable of the Company related to the sales of the Company's Mytesi® drug product to Cardinal Health for the period of June 29, 2020 through August 4, 2020 (the "Summer 2020 Accounts Receivable"). The Summer 2020 Accounts Receivable have a gross value of
"We are pleased to enter into this additional amendment with Oasis. Based on the success of the first two tranches of accounts receivable financing, we have been able to further our strategy of bringing in non-dilutive capital and striving to become a stable, cash flow positive commercial business," said Lisa Conte, Jaguar's president and CEO.
Per the terms of the agreement, Oasis will receive a fee of
Under the amendment, Oasis is entitled to a one-time transaction fee of
About Jaguar Health, Inc. and Napo Pharmaceuticals, Inc.
Jaguar Health, Inc. is a commercial stage pharmaceuticals company focused on developing novel, plant-based, non-opioid, and sustainably derived prescription medicines for people and animals with GI distress, specifically chronic, debilitating diarrhea. Our wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human gastrointestinal pharmaceuticals from plants harvested responsibly from rainforest areas. Our Mytesi® (crofelemer) product is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy and the only oral plant-based prescription medicine approved under FDA Botanical Guidance.
For more information about Jaguar, please visit https://jaguar.health. For more information about Napo, visit www.napopharma.com.
About Mytesi®
Mytesi (crofelemer) is an antidiarrheal indicated for the symptomatic relief of noninfectious diarrhea in adult patients with HIV/AIDS on antiretroviral therapy (ART). Mytesi is not indicated for the treatment of infectious diarrhea. Rule out infectious etiologies of diarrhea before starting Mytesi. If infectious etiologies are not considered, there is a risk that patients with infectious etiologies will not receive the appropriate therapy and their disease may worsen. In clinical studies, the most common adverse reactions occurring at a rate greater than placebo were upper respiratory tract infection (
See full Prescribing Information at Mytesi.com. Crofelemer, the active ingredient in Mytesi, is a botanical (plant-based) drug extracted and purified from the red bark sap of the medicinal Croton lechleri tree in the Amazon Rainforest. Napo has established a sustainable harvesting program for crofelemer to ensure a high degree of quality and ecological integrity.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements." In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "aim," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this release are only predictions. Jaguar has based these forward-looking statements largely on its current expectations and projections about future events. These forward-looking statements speak only as of the date of this release and are subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond Jaguar's control. Except as required by applicable law, Jaguar does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Contact:
Peter Hodge
Jaguar Health, Inc.
phodge@jaguar.health
Jaguar-JAGX
SOURCE: Jaguar Health, Inc.
View source version on accesswire.com:
https://www.accesswire.com/601766/Jaguar-Health-and-its-Subsidiary-Napo-Pharmaceuticals-Enter-into-a-Second-Amendment-to-the-Accounts-Receivable-Purchase-Agreement-with-Oasis-Capital-LLC-Dated-May-12-2020
FAQ
What is the value of the new accounts receivable purchase announced by Jaguar Health on August 14, 2020?
What percentage fee will Oasis Capital charge for the new accounts receivable agreement with Jaguar Health?
What is the purpose of Jaguar Health's recent amendment with Oasis Capital?
How much will Jaguar Health receive following the purchase of accounts receivable by Oasis Capital?
How does Mytesi contribute to Jaguar Health's financial performance?
