ScPharmaceuticals Shares Spike on FDA Approval, Debt Financing
10 Octubre 2022 - 8:27AM
Noticias Dow Jones
By Dean Seal
Shares of ScPharmaceuticals Inc. surged more than 24% to $6.20
before plummeting back down to a loss in premarket trading after
the company disclosed the regulatory approval for one of its
products as well as $100 million in new debt financing.
The Burlington, Mass.-based company said Monday morning that the
U.S. Food and Drug Administration has approved Furoscix for the
treatment of chronic heart-failure patients with worsening
congestion.
Five minutes later, the company said it has entered into a
binding term sheet for a $100 million secured debt facility with
funds managed by Oaktree Capital Management LP, with plans to use
the money to pay off existing debt and to launch Furoscix.
The agreements are expected to be signed by mid-October, and
provide $50 million immediately along with two tranches of $25
million apiece that are continent upon the achievement of certain
commercial milestones.
After closing at $4.98 on Friday, shares started quickly gaining
on the heels of the two announcements, reaching a high of $6.20
before reversing course and tumbling to a loss. They were down 6%
to $4.68 as of 8:51 a.m. ET.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 10, 2022 09:12 ET (13:12 GMT)
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