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Trinity Biotech Announces Amended Credit Agreement with Perceptive to Enhance Liquidity and Drive Transformation Plan

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Trinity Biotech (TRIB) has amended agreements with Perceptive Advisors, securing additional liquidity of approximately $5.5 million through cash and payment-in-kind interest. The company also extended a $5 million deferred payment for the Waveform Technologies biosensor assets to November 2025.

As part of the agreement, Trinity granted Perceptive 1.5 million additional ADS warrants and repriced existing warrants to $0.80 per ADS. The company recently received WHO approval for transferring late-stage manufacturing of TrinScreen HIV and Uni-Gold HIV to a lower-cost offshore manufacturer, advancing its Comprehensive Transformation Plan focused on achieving long-term profitability through operational efficiency.

Trinity Biotech (TRIB) ha modificato gli accordi con Perceptive Advisors, assicurando liquidità aggiuntiva di circa 5,5 milioni di dollari tramite contante e interessi di pagamento in natura. L'azienda ha anche prorogato un pagamento differito di 5 milioni di dollari per gli asset dei biosensori Waveform Technologies a novembre 2025.

Come parte dell'accordo, Trinity ha concesso a Perceptive 1,5 milioni di warrant ADS aggiuntivi e ha rivalutato i warrant esistenti a 0,80 dollari per ADS. L'azienda ha recentemente ricevuto l'approvazione dell'OMS per trasferire la produzione in fase avanzata di TrinScreen HIV e Uni-Gold HIV a un produttore offshore a basso costo, facendo avanzare il suo Piano di Trasformazione Completa focalizzato sul raggiungimento di una redditività a lungo termine attraverso l'efficienza operativa.

Trinity Biotech (TRIB) ha modificado acuerdos con Perceptive Advisors, asegurando liquidez adicional de aproximadamente 5,5 millones de dólares a través de efectivo e intereses pagados en especie. La compañía también extendió un pago diferido de 5 millones de dólares por los activos de biosensores Waveform Technologies hasta noviembre de 2025.

Como parte del acuerdo, Trinity otorgó a Perceptive 1,5 millones de warrants ADS adicionales y ajustó el precio de los warrants existentes a 0,80 dólares por ADS. La compañía recibió recientemente la aprobación de la OMS para transferir la fabricación en fase avanzada de TrinScreen HIV y Uni-Gold HIV a un fabricante offshore de menor costo, avanzando en su Plan de Transformación Integral enfocado en lograr la rentabilidad a largo plazo mediante la eficiencia operativa.

트리니티 바이오텍 (TRIB)는 퍼셉티브 어드바이저와의 계약을 수정하여 현금 및 현물 이자를 통해 약 550만 달러의 추가 유동성을 확보했습니다. 회사는 또한 웨이브폼 테크놀로지스 바이오센서 자산에 대한 500만 달러의 연기된 지급을 2025년 11월로 연장했습니다.

계약의 일환으로 트리니티는 퍼셉티브에게 150만 개의 추가 ADS 워런트를 부여하고 기존 워런트의 가격을 ADS당 0.80달러로 조정했습니다. 최근 회사는 트린스크린 HIV와 유니골드 HIV의 후기 단계 제조를 저비용 해외 제조업체로 이전하는 것에 대해 WHO의 승인을 받았으며, 운영 효율성을 통한 장기적인 수익성 달성을 목표로 하는 포괄적 전환 계획을 추진하고 있습니다.

Trinity Biotech (TRIB) a modifié des accords avec Perceptive Advisors, assurant une liquidité supplémentaire d'environ 5,5 millions de dollars grâce à des espèces et des intérêts en nature. La société a également prolongé un paiement différé de 5 millions de dollars pour les actifs de biosenseurs Waveform Technologies jusqu'en novembre 2025.

Dans le cadre de l'accord, Trinity a accordé à Perceptive 1,5 million de bons supplémentaires ADS et a ajusté le prix des bons existants à 0,80 dollar par ADS. Récemment, la société a reçu l'approbation de l'OMS pour transférer la fabrication en phase avancée de TrinScreen VIH et Uni-Gold VIH à un fabricant offshore à moindre coût, faisant progresser son Plan de Transformation Global axé sur l'atteinte d'une rentabilité à long terme grâce à l'efficacité opérationnelle.

Trinity Biotech (TRIB) hat Vereinbarungen mit Perceptive Advisors geändert und sich zusätzliches Liquiditätsvolumen von etwa 5,5 Millionen Dollar durch Bargeld und in natura gezahlte Zinsen gesichert. Das Unternehmen hat auch eine fristgerechte Zahlung von 5 Millionen Dollar für die Vermögenswerte der Waveform Technologies Biosensoren bis November 2025 verlängert.

Im Rahmen der Vereinbarung gewährte Trinity Perceptive 1,5 Millionen zusätzliche ADS-Warrants und passte die bestehenden Warrants auf 0,80 Dollar pro ADS an. Das Unternehmen erhielt kürzlich die Genehmigung der WHO, die Fertigung in der späten Phase von TrinScreen HIV und Uni-Gold HIV zu einem kostengünstigeren Offshore-Hersteller zu verlagern, wodurch der umfassende Transformationsplan, der auf langfristige Rentabilität durch operative Effizienz abzielt, vorangetrieben wird.

Positive
  • Secured $5.5 million additional liquidity through new financing
  • Extended $5 million payment deadline to November 2025
  • Received WHO approval for offshore manufacturing transfer of HIV products
  • Successfully implementing cost reduction initiatives through offshore manufacturing
Negative
  • Dilution of shareholder value through issuance of 1.5 million new warrants
  • Repricing of existing warrants to $0.80 indicates potential stock pressure
  • Continued reliance on external financing for operations

Insights

This debt restructuring agreement represents a important financial maneuver that provides $10.5 million in total liquidity relief through two key mechanisms: a $5 million payment deferral and $5.5 million in additional funding. For a micro-cap company with a market cap of just $22 million, this injection effectively creates a significant financial buffer. The deal structure, combining deferred payments with PIK interest options, helps preserve cash flow while the warrant adjustments at $0.80 per ADS suggest confidence in potential share price appreciation.

The strategic value lies in the breathing room it provides for the transformation plan execution, particularly critical given the recent WHO manufacturing transfer approval. However, the warrant dilution and repricing indicate significant concessions to secure this flexibility. For context, the 1.5 million additional warrants represent substantial potential dilution relative to the company's current market cap. The restructuring buys time, but also signals underlying cash flow pressures that required such significant lender accommodations.

The agreement's timing aligns strategically with Trinity's CGM development aspirations in the rapidly expanding diabetes care market. The additional liquidity creates a important development runway for their CGM technology, acquired through Waveform Technologies. This is particularly relevant as the global CGM market is experiencing double-digit growth, dominated by players like Dexcom and Abbott. The WHO manufacturing approval for HIV diagnostics demonstrates operational execution capability, which could translate to CGM manufacturing efficiency.

However, the financial restructuring terms suggest Trinity faces significant challenges in the capital-intensive medical device development landscape. The extended payment timeline for the Waveform assets indicates potential delays or complexities in monetizing this technology investment. While the CGM market opportunity is substantial, Trinity's ability to compete against established players with deeper pockets remains uncertain, making this financing both important and indicative of the uphill battle ahead.

DUBLIN, Dec. 24, 2024 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB), a commercial-stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors, today announced it has entered into amended agreements with its primary lender, Perceptive Advisors. These strategic amendments provide additional liquidity, further enhancing the Company’s near-term financial position as it advances its Comprehensive Transformation Plan and continues development of its innovative continuous glucose monitoring (CGM) technology.

Under the terms of the agreements, a deferred consideration payment of $5 million related to the acquisition of the biosensor assets of Waveform Technologies has been extended to November 2025, offering the Company greater financial flexibility. In addition, further additional liquidity in the amount of approximately $5.5 million has been provided to Trinity Biotech through a combination of cash and payment-in-kind interest, strengthening liquidity during this pivotal period of transformation. As part of the agreement, Trinity Biotech has granted Perceptive Advisors 1.5 million additional warrants to purchase the Company’s ADS, and repriced its existing ADS warrants at an exercise price of $0.80 per ADS, reinforcing the ongoing partnership between the two entities.

Advancing the Comprehensive Transformation Plan
The additional liquidity will support Trinity Biotech’s Comprehensive Transformation Plan, which is focused on achieving long-term profitability through operational efficiency and innovation. A key milestone of this plan was the Company’s recent World Health Organization (WHO) approval for the transfer of late-stage manufacturing of TrinScreen HIV and Uni-Gold HIV to a lower-cost offshore manufacturing partner. This approval, announced last week, demonstrates the Company’s ability to execute on its strategic initiatives and strengthens its position as a leader in global diagnostics.

“These amendments with Perceptive underscore our commitment to creating a stronger financial foundation as we execute our transformation plan,” said John Gillard, CEO of Trinity Biotech. “The additional liquidity will support critical initiatives, including the development of our CGM technology, and further positions Trinity Biotech for growth and profitability. Combined with our recent WHO approval, these efforts reflect the progress we’re making toward achieving our strategic objectives and delivering value to our shareholders.”

Looking Ahead
Trinity Biotech continues to innovate in the human diagnostics and diabetes management sectors. The Company’s CGM technology, developed following its acquisition of the biosensor assets of Waveform Technologies, represents a promising addition to its portfolio. With the support of these amended agreements and the ongoing execution of its transformation plan, Trinity Biotech is well-positioned to drive sustainable growth and expand its market presence.

Forward-Looking Statements
This release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), including but not limited to statements related to Trinity Biotech’s cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations. Trinity Biotech claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” “anticipates,” or words of similar import, and do not reflect historical facts. Specific forward-looking statements contained in this release may be affected by risks and uncertainties, including, but not limited to, our ability to capitalize on the Waveform transaction and of our recent acquisitions, our continued listing on the Nasdaq Stock Market, our ability to achieve profitable operations in the future, the impact of the spread of COVID-19 and its variants, potential excess inventory levels and inventory imbalances at the company’s distributors, losses or system failures with respect to Trinity Biotech’s facilities or manufacturing operations, the effect of exchange rate fluctuations on international operations, fluctuations in quarterly operating results, dependence on suppliers, the market acceptance of Trinity Biotech’s products and services, the continuing development of its products, required government approvals, risks associated with manufacturing and distributing its products on a commercial scale free of defects, risks related to the introduction of new instruments manufactured by third parties, risks associated with competing in the human diagnostic market, risks related to the protection of Trinity Biotech’s intellectual property or claims of infringement of intellectual property asserted by third parties and risks related to condition of the United States economy and other risks detailed under “Risk Factors” in Trinity Biotech’s annual report on Form 20-F for the fiscal year ended December 31, 2023 and Trinity Biotech’s other periodic reports filed from time to time with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements were made. Trinity Biotech does not undertake and specifically disclaims any obligation to update any forward-looking statements.

The foregoing description of the transaction does not purport to be complete and is qualified in its entirety by reference to the transaction documents included in a Form 6-K to be filed with the U.S. Securities and Exchange Commission.

About Trinity Biotech
Trinity Biotech is a commercial stage biotechnology company focused on diabetes management solutions and human diagnostics, including wearable biosensors. The Company develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market and has recently entered the wearable biosensor industry, with the acquisition of the biosensor assets of Waveform Technologies Inc. and intends to develop a range of biosensor devices and related services, starting with a continuous glucose monitoring product. Our products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood. Trinity Biotech sells direct in the United States and through a network of international distributors and strategic partners in over 75 countries worldwide. For further information, please see the Company's website: www.trinitybiotech.com.

Contact:Trinity Biotech plc
Louise Tallon
(353)-1-2769800
LifeSci Partners, LLC
Eric Ribner
(1)-646-751-4363
investorrelations@trinitybiotech.com
   
  RedChip Companies Inc.
Dave Gentry, CEO
(1)-407-644-4256
TRIB@redchip.com

FAQ

What additional liquidity did Trinity Biotech (TRIB) secure in December 2024?

Trinity Biotech secured approximately $5.5 million in additional liquidity through a combination of cash and payment-in-kind interest from Perceptive Advisors.

How many new warrants did Trinity Biotech (TRIB) issue to Perceptive Advisors?

Trinity Biotech issued 1.5 million additional warrants to purchase ADS to Perceptive Advisors.

What is the new exercise price for TRIB's existing ADS warrants?

The existing ADS warrants were repriced at an exercise price of $0.80 per ADS.

When is Trinity Biotech's (TRIB) deferred payment for Waveform Technologies now due?

The $5 million deferred consideration payment for Waveform Technologies' biosensor assets has been extended to November 2025.

What recent WHO approval did Trinity Biotech (TRIB) receive?

Trinity Biotech received WHO approval for transferring late-stage manufacturing of TrinScreen HIV and Uni-Gold HIV to a lower-cost offshore manufacturing partner.

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