Aziyo Biologics Announces $25 Million Loan Facility with
SILVER SPRING, Md., Aug. 10, 2022 (GLOBE NEWSWIRE) — Aziyo Biologics, Inc. (Nasdaq: AZYO) (the “Company”), a commercial-stage regenerative medicine company, today announced that it has entered into a $25 contract credit facility from SWK Holdings Corporation.
The new credit facility provides an initial term loan of $21 million which the Company intends to use to fund its ongoing business and product development initiatives, refinance its existing credit facilities and repay all such other unpaid debts. In addition, the Company also has the option to borrow under the new credit facility an additional term loan of $4 million, subject to the achievement of specified operational and financial parameters by September 30. 2023. The loan facility allows for the establishment of a new asset-based revolving loan facility of up to $8 million.
“We are delighted to establish a relationship with SWK. This new capital helps strengthen our balance sheet and provide Aziyo with significantly greater financial flexibility,” said Dr. Randy Mills, Chairman and CEO of Aziyo. “Furthermore, the additional liquidity will allow Aziyo to advance our existing product pipeline and develop additional innovative products that leverage our regenerative technology platform to address unmet medical needs.”
“We have gained strong belief in the strength of Aziyo’s product portfolio and its prospects for sustained growth and value creation,” commented Winston Black, CEO of SWK Holdings. “I am delighted that SWK is able to provide a significant injection of capital to support Aziyo’s mission to advance regenerative medicine platforms to dramatically improve patient outcomes.”
About Aziyo Biologics
Aziyo Biologics is a commercial-stage regenerative medicine company focused on creating the next generation of differentiated products and improving outcomes in patients undergoing surgery, with a focus on patients receiving implantable medical devices. Since its inception in 2015, the Company has created a portfolio of commercial-stage products used in cardiovascular, orthopedic and reconstructive specialties. For more information, visit www.Aziyo.com.
About SWK Holdings Corporation
SWK Holdings Corporation (SWKH.OB) is a specialty finance company focused on the global healthcare industry. SWK partners with ethical product distributors and royalty holders to provide flexible financing solutions at an attractive cost of capital to create long-term value for SWK’s business partners and investors. SWK believes that its funding structures achieve the optimal partnership for companies, institutions and inventors seeking capital for expansion or capital and succession planning by allowing its partners to monetize flows future cash flows with minimal dilution of their holdings. Additional information is available on the Company’s website at www.swkhold.com.
Statements in this press release regarding management’s future expectations, beliefs, intentions, objectives, strategies, plans or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to limited thereto, statements regarding the company’s progress and development of its products and intended use of borrowings. Forward-looking statements can be identified by words such as “anticipate”, “believe”, “continue”, “expect”, “target”, “intend”, “may”, “expect”, “potential”, “projects”. ,” “will” and other similar words or phrases, or the negative of such words or similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other important factors, including, but not limited to limit, the risks referred to in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, as such factors may be updated from time to time in the Company’s other filings with the Securities and Exchange Commission (“SEC”), which documents are available on the SEC’s website at www.sec.gov and on the Investors page of the Company at https://investors.aziyo.com All forward-looking statements speak only as of the date of this press release and, except as required by applicable law, the Company has no obligation to update or revise forward-looking statements contained herein, whether as a result of new information, future events, changed circumstances or otherwise.
Aziyo Biologics, Inc.