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Journey Medical enters into $15 million initial credit facility
By Wendy Van Sickle
Columbus, Ohio, Jan. 2 – Journey Medical Corp. entered into a credit facility with an affiliate of SWK Holdings Corp., a specialized finance company with a focus on the global health care sector, providing for borrowings of up to $20 million, according to a news release.
“This financing strengthens Journey Medical’s balance sheet and provides us with additional operational flexibility. The funding will support general corporate purposes, as well as anticipated expenses for DFD-29, including an upcoming New Drug Application submission and preparation for its potential commercial launch, pending FDA approval,” said Claude Maraoui, co-founder, president and chief executive officer of Journey Medical, in the release.
The credit facility provides for an initial term loan of $15 million that the company intends to use to fund general corporate operations and commercial and DFD-29 product development initiatives. The credit facility is expected to mature four years from funding and has an initial interest-only period for the first two years, which may be extended to three years based on the achievement of a specified revenue threshold.
Journey Medical has the option to draw an additional tranche of $5 million, subject to the achievement of specified operational and financial metrics, in the 12 months following the date of the credit facility.
The commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of U.S. Food and Drug Administration-approved prescription pharmaceutical products for the treatment of dermatological conditions. It is based in Scottsdale, Ariz.
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